Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) is conducting a pro-rata non-renounceable entitlement issue of a new class of options to fund the exploration of its copper prospects in Cuba.
Options will have an exercise price of A$0.10 per option, expiring on June 30, 2025, with eligible shareholders of the company receiving one new option for every three fully paid ordinary shares with each new option having an issue price of A$0.001 per option.
The purpose of the entitlement offer is to provide shareholders with the opportunity to acquire options at a low cost that will not expire until after two years of exploration on major copper targets in Cuba, and the anticipated commissioning of the La Demajagua gold, silver, antimony mine.
Based on the shares currently on issue and all entitlements to new options being taken up, the offer would raise approximately A$140,000 after costs, which would be applied to working capital.
Funds raised from the exercise of the new options are expected to be applied to an ongoing exploration of the copper prospects.
About the company
Antilles is an Australian mining company operating in mineral-rich Cuba where its joint venture with the government’s mining company, GeoMinera SA, is focused on developing three near-term mid-sized open pit mines to produce gold, silver, copper and zinc concentrates.
As a first mover, the company has gained access to ‘exciting’ gold, silver, copper, and zinc exploration and development projects through its agreements with GeoMinera at a minimal cost of entry.
Joint venture company Minera La Victoria plans to develop the La Demajagua gold-silver open pit mine on the Isle of Youth in southwest Cuba.
The company also expects to progress the high-grade gold-copper oxide deposit overlying the El Pilar porphyry deposit as a low cap-ex open pit mine by early 2025 to produce gold and copper concentrates.
The third project that will be considered is the re-opening of up to four old mines with remnant ore within the New Horizons polymetallic mineral belt which previously produced copper and zinc concentrates.