According to Mining News Pro - The fully underwritten two-for-seven pro rata accelerated non-renounceable entitlement offer will raise A$27.3-million, and forms part of a greater A$51.1-million capital raise, which would also result in metals miner Independence Group taking an 18.4% stake in New Century for a A$27-million investment.

New Century noted on Thursday that the institutional component of the entitlement offer had an acceptance rate of 98%.

The retail component of the entitlement offer will open on April 27 and will close on May 15. The offer will be priced at 15c a share.