New World Resources (ASX:NWC) received firm commitments to raise AU$14 million through the issue of roughly 700 million shares at AU$0.02 apiece, according to a Friday filing with the Australian bourse.

Directors and senior management will separately subscribe for 32 million shares worth AU$640,000, subject to shareholder approval, the filing said.

Proceeds will be used to advance the Antler project in Arizona toward a final investment decision.

Canaccord Genuity (Australia) was the sole lead manager and book runner for the placement with Taylor Collison as co-manager. Agentis Capital Mining was the North American capital markets advisor for New World Resources.

Shares fell 9% in afternoon trade Friday.