Made by: Antipa
Minerals Limited (ACN 147 133 364) of Level 2, 16 Ord Street, West Perth,
Western Australia 6005 (Company)
Product: Free attaching options in connection
with a pro-rata non-renounceable entitlement issue under a prospectus dated 8
September 2023 (Options)
Effective date: 8 September 2023
This target market determination (TMD) has been prepared by the Company in relation to an offer to
issue the options, made by the Company under a prospectus dated 8 September 2023 (Prospectus). A copy of the Prospectus
is available via the Download Prospectus button below.
The offer will be made under, or accompanied by, a copy of
the Prospectus. Any recipient of this TMD should carefully read and consider
the Prospectus in full and consult their professional adviser if they have any
questions regarding the contents of the Prospectus. Any recipient of this TMD
who wants to acquire Options under the offer will need to complete the
application form that will be in, or will accompany, the Prospectus. There is no
cooling off period in respect of the issue of the Options. This TMD is not a
disclosure document for the purposes of the Corporations
Act 2001 (Cth), and therefore has not been lodged, and does not require
lodgement, with the Australian Securities and Investments Commission (ASIC) nor does it contain a full
summary of the terms and conditions of the Options.
This TMD does not take into account what you currently have,
or what you want and need, for your financial future. It is important for you
to consider these matters and read the Prospectus before you make an investment
decision. The Company is not licensed to provide financial product advice in
relation to the Options.
1. Target Market
Factor
| Target market |
|---|
| Investment Objective | The Company expects that an investment in Options will be suitable to investors who wish to gain exposure to equities in fully paid ordinary shares (Shares) in a small-cap mining company listed on the Australian Securities Exchange (ASX). |
| Investment Timeframe | The target market of investors will take a short to medium term outlook on their investment. Investors with a short-term outlook for their investment will benefit from an ability to exercise Options and trade the underlying Shares issued on exercise should the exercise price of the Options be lower than the trading price of Shares. Investors with a medium-term outlook will benefit from an ability to exercise the Options within the 2-year term of the Options and increase their shareholding and exposure to the potential upside in the Company’s Shares into the future.
Given the need to pay the exercise price in order to acquire Shares, Investors in the target market are in a financial position that is sufficient for them to invest their funds over a 2-year time horizon should they wish to exercise their Options. Any decision to exercise the Options is likely to be based on the trading price of the Shares.
|
Investment Metrics
| While the Company does not have an established eligibility framework for investors based on metrics such as age, expected return or volatility, it is expected that the target market of investors will be able to withstand potential fluctuations in the value of their investment and who are accustomed to participating in speculative investments in the mining exploration sector.
An exercise price is required to be paid to acquire shares on exercise of Options. As such, the capacity to realise the underlying value of the Options would require that they be exercised on or before the expiry date. Investors in the target market will need to be in a financial position to have sufficient available funds so as to facilitate an exercise of the Options prior to the expiry date. Prior to the expiry date, investors’ ability to liquidate the Options may be limited by a lack of liquidity in the trading of Shares and the price of the Shares.
The Options offer no guaranteed income or capital protection.
|
Risk
| The Company considers that an investment in the Options is highly speculative, such that an investment in the Company is not appropriate for an investor who would not be able to bear a loss of some or all of the investment. Investors should also have a sufficient level of financial literacy and resources (either alone or in conjunction with an appropriate adviser) to understand and appreciate the risks of investing in Options as an asset class generally and the more specific risks of investing in an Australian listed mining company.
|
2. Distribution Conditions
The offer of Options under the Prospectus is being made
to those shareholders in the Company registered at the record date specified in
the Prospectus (Eligible Shareholders).
Any entitlement not taken up under the offer will form a
shortfall offer (Shortfall Offer). Eligible Shareholders may also
subscribe for Options above their entitlement under the Shortfall Offer.
The Prospectus will include jurisdictional conditions on
eligibility. The Company will also include on its web landing page for the
offer of Options a copy of this TMD and require that retail clients confirm
that they meet the eligibility criteria of the expected target market outlined
in this TMD before they apply for Options.
The Company considers that these distribution conditions
will ensure that persons who invest in Options fall within the target market in
circumstances where personal advice is not being provided to those persons by
the Company.
3. Review Triggers
The Options are being offered for a limited offer period
set out in the Prospectus, after the conclusion of which the Options will no
longer be available for investment by way of issue. It follows that the TMD
will only apply in the period between the commencement of the offer of the Options
and the issue of the Options shortly after the close of the offer (Offer Period).
To allow the Company to
determine whether circumstances exist that indicate this TMD is no longer
appropriate to the Options and should be reviewed, the following review triggers
apply for the Offer Period:
(a) a new offer of Options that requires preparation of a disclosure document is made after completion of the Offer Period;
(b) any event or circumstance that would materially change a factor taken into account in making this TMD;
(c) the existence of a significant dealing of the Options that is not consistent with this TMD. The Company does not consider that an on-sale of the Options on market is a significant dealing;
(d) ASIC raises concerns with the Company regarding the adequacy of the design or distribution of the Options or this TMD; and
(e) material changes to the regulatory environment that applies to an investment in the Options.
4. Review Period
If a review trigger occurs during the Offer Period, the
Company will undertake a review of the TMD in light of the review trigger.
The Company will otherwise complete a review of the TMD immediately
prior to the issue of Options under the offer.
5. Information Reporting
The reporting requirements of all distributors is set out
in the table below.
| Reporting requirement | Period for reporting to the Company by the distributor | Information to be provided |
|---|
Whether the distributor received complaints about the Options.
| • For such time as the Offer Period remains open, within 10 business days after the end of each quarter.
• Within 10 business days after the end of the Offer Period.
| • The number of complaints received.
• A summary of the nature of each complaint or a copy of each complaint.
|
A significant dealing of the Options that is not consistent with this TMD
| As soon as reasonably practicable after the significant dealing occurs, but in any event no later than 10 business days after the significant dealing occurs.
| • Details of the significant dealing.
• Reasons why the distributor considers that the significant dealing is not consistent with this TMD.
|
A summary of the steps taken by the distributor to ensure that its conduct was consistent with this TMD.
| Within 10 business days after the end of the close of the offer of Options in accordance with the Prospectus.
| A summary of the steps taken by the distributor to ensure that its conduct was consistent with this TMD.
|
6. Contact details
Contact details in respect
of this TMD for the Company are:
Luke Watson
Company Secretary
Phone: +61 8 9481 1103
Email: admin@antipaminerals.com.au
Download Prospectus