20 June 2024
Proactive Investors - Antipa Minerals secures $6.75 million for Minyari Dome exploration
Antipa Minerals Ltd (ASX:AZY) has secured binding commitments to raise around $5.75 million, before costs, through a placement of 575 million fully paid ordinary shares at $0.01 per share.
Minyari Dome gets proceeds
The cash injection will go straight into advancing the company’s flagship Minyari Dome Project, including resource growth, discovery-focused exploration and updating the August 2022 scoping study.
A Phase 2 exploration program is planned for the second half of 2024 to include reverse circulation and diamond core drilling at the GEO-01 prospect to expand the resource, currently at 1.8 million ounces of gold, 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt.
The updated Minyari Dome Scoping Study, expected in August 2024, will incorporate any additional production opportunities from GEO-01 and reflect the significant increase in the Australian dollar gold price.
A pre-feasibility study for Minyari Dome may commence pending the scoping study's outcomes and board approval.
Placement could increase
The placement to institutional and sophisticated investors was cornerstoned by Lion Selection Group.
Each share will include one unlisted option for every two new shares subscribed for, exercisable at $0.02 with an expiry date two years from the date of issue.
Additionally, Antipa has arranged a drill-for-equity agreement with Topdrill Pty Ltd, allowing up to $1 million of drilling services to be paid in shares.
There is the potential to increase placement size by around $500,000 if Newmont Corporation exercises its right to maintain its 8.6% shareholding.
"In strong financial position"
Antipa managing director Roger Mason said: "This placement ensures the company is in a strong financial position for the continued advancement of exploration and development activities at Minyari Dome.
“We are excited to have numerous upcoming catalysts, both on our known discoveries and our numerous exploration targets, which are all capable of delivering significant value accretion for our shareholders.
“I would like to thank existing shareholders who supported this capital raise, as well as welcome all new shareholders onboard, in particular the highly regarded mining investment company Lion Selection Group, for the next, exciting phase of our development."
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