Antipa Minerals Ltd (ASX:AZY) will receive a further $1 million boost to its capital-raising exercise as major shareholder Newcrest Mining Ltd intends to exercise its top-up right to maintain its 9.9% shareholding in the mineral exploration company.
The share top-up will deliver a total of about $10 million to Antipa for its 100%-owned Minyari Dome Gold Project, where it plans to accelerate exploration, appraisal and pre-feasibility study activities.
Same terms
Newcrest will exercise its right under the same terms as Antipa's placement and top-up placement announced last week, which will see the company issue about 36.7 million more fully paid ordinary shares at $0.027 each.
Every two new shares issued under the top-up placement will come with one free-attaching unlisted option, exercisable at $0.04 each and expiring one year from the date of issue.
“We warmly welcome Newcrest’s ongoing support for Antipa and its Paterson Province portfolio and strategy, including our rapidly emerging 100%-owned Minyari Dome Gold Project,” Antipa managing director Roger Mason said.
Newcrest to top up under SPP too
Newcrest has also notified Antipa of its intention to exercise its top-up right under the explorer’s share purchase plan (SPP) of up to $3 million announced on September 11.
The Minyari Dome Project exploration program for the second half of the year includes a significant diamond core and reverse circulation (RC) drill program, which commenced in June to test a range of gold-copper-cobalt resource growth targets and prospects.