05 September 2023
Proactive Investors - Antipa Minerals raises up to $7 million ahead of aggressive growth drilling
Antipa Minerals Ltd (ASX:AZY) will receive up to $7 million from its recent placement and rights issue.
The company settled and received funds of approximately 384.6 million fully paid ordinary shares at $0.013 per share raising $5 million before costs for the placement.
A further $2 million will be raised via the rights issue to eligible shareholders.
With all funds raised, Antipa will hold more than $9 million cash, which it will use to extend exploration and appraisal activities at its flagship, 900 square kilometres Minyari Dome Gold-Copper Project (100% AZY).
Antipa will undertake aggressive growth drilling, including of the recent GEO-01 discovery, and scout-drilling of exciting targets, Tetris and Pacman.
Antipa will issue one free attaching unlisted option for every two new shares subscribed for and issued pursuant to the placement. Options will be exercisable at $0.02 with an expiry date two years from the date of issue.
The company has also announced the planned launch of a pro-rata non-renounceable rights issue to eligible shareholders and will undertake the rights issue on a one for 26 basis to raise up to $2 million (before costs), enabling eligible shareholders to apply for shares at an issue price of $0.013 per share - the same issue price as shares issued under the placement.
Antipa’s tenement holding covers more than 5,100 square kilometres in a region that is home to Newcrest’s world-class Telfer mine and some of the world’s more recent large gold-copper discoveries including Rio Tinto’s Winu and Newcrest-Greatland Gold’s Havieron.
Exploration success has led to the discovery of several major mineral deposits on Antipa’s ground, including the wholly-owned, flagship 900 square kilometres Minyari Dome Project.
Minyari Dome currently hosts a 1.8-million-ounce gold resource (at 1.6 g/t) which was the subject of a scoping study (August 2022) indicating the potential for a sizeable initial development with further substantial upside.
Antipa is pursuing an aggressive drilling program this year, targeting substantial and rapid growth to the existing gold-copper resources at Minyari Dome, delivering strong further value enhancement to the existing development opportunity, and making new significant gold-copper discoveries.
The Minyari Dome Project is complemented by three large-scale growth projects covering a total of 4,200 square kilometres which have attracted major listed miners to agree multi-million-dollar farm-in and joint venture (JV) arrangements:
- Citadel Project (33% Antipa) - Rio Tinto JV over 1,200 square kilometres;
- Wilki Project (100% Antipa) - Newcrest farming-in 1,470 square kilometres; and
- Paterson Project (100% Antipa) - IGO Ltd farming-in 1,550 square kilometres.