01 September 2023
ProActive Investors - Antipa Minerals to raise up to $2 million in rights issue to advance Minyari Dome exploration
In the wake of a well-supported $5 million placement last week, Antipa Minerals Ltd (ASX:AZY) has launched a $2 million pro-rata non-renounceable rights issue to eligible shareholders, taking the recent capital initiatives to a total of up to $ 7 million.
Proceeds from the placement and rights Issue are to be predominantly applied to ongoing exploration and appraisal of resource growth and discovery opportunities at the company’s 100%-owned Minyari Dome Project, as well as for general working capital purposes.
The company will undertake the rights Issue on a one-for-twenty-six basis to raise up to $2 million, at an issue price of $0.013 per share.
As per the placement terms, Antipa will also issue one free attaching option for every two shares subscribed for and issued to eligible shareholders pursuant to the rights Issue.
Fast-track resource growth
Antipa managing director Roger Mason said: “The rights Issue announced today provides all shareholders with the opportunity to further participate in Antipa’s vast Paterson Province portfolio, including our compelling 100%-owned Minyari Dome Gold Project.
“Funds raised through the placement and rights Issue will allow our exploration team to fast-track the aggressive resource growth and discovery-orientated drilling activities we have planned at the new GEO-01 discovery and at the exciting Tetris and Pacman targets.”
The record date for determining entitlements under the rights issue is Thursday, September 14, 2023.
All shares issued under the rights issue will rank equally with existing shares on issue and the company will apply for quotation of the new shares issued pursuant to the rights issue.
Applications in excess of entitlement take-up are to be accepted from eligible shareholders for any potential shortfall shares that might exist under the rights issue.
Use of funds
The Minyari Dome Project exploration program for the second half includes follow-up growth drilling activities at various prospects, including GEO-01, and scout-drilling of several key geophysical and soil geochemical exploration targets including, the high priority Tetris and Pacman targets.
The key objective of this program is to increase the overall size of the existing Minyari Dome mineral resource.
The MRE revealed 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt at 1.6 g/t gold and 0.19% copper, and in doing so deliver strong value enhancement to the existing development opportunity