Antipa Minerals Ltd (ASX:AZY) has wrapped up a A$16 million equity placement, securing commitments from institutional and sophisticated investors.
The placement involved the issuance of 640 million fully paid ordinary shares at A$0.025 per share.
Exploration funding for Minyari Dome
This cash injection will plump up Antipa’s balance sheet, giving the company the financial flexibility to support its exploration and development objectives, particularly for its 100%-owned Minyari Dome Gold-Copper Project.
Antipa managing director Roger Mason said: “The A$16 million placement announced today underscores the quality of Antipa and its exceptional portfolio of exploration and development assets in the highly prospective Paterson Province of Western Australia.”
The funds, which augment Antipa’s existing cash reserves of around A$23 million, will be directed towards advancing technical studies at Minyari Dome, culminating in a final investment decision.
North American resources institutions
The placement attracted strong interest from several North American specialist resources institutions, marking their first entry into Antipa’s shareholder register.
“The strong investment appetite demonstrated by several high-quality North American and domestic institutions further validates our strategy and highlights our growth potential,” Mason continued.
Existing shareholder Lion Selection Group reaffirmed its commitment to the company, increasing its stake by a further A$1 million.
In parallel with the capital raising, the company plans to seek shareholder approval for a 10-to-1 share consolidation at a general meeting scheduled for February 2025, further optimising its capital structure.
“In conjunction with the equity raise, we have proposed a consolidation of our issued capital to enhance the market appeal of our securities globally,” Mason said.
Additional financial strength
“Funds raised will provide additional financial strength, enabling us to unlock further exploration discoveries, advance Minyari toward a potential development decision, while retaining the flexibility to respond to and capitalise on emerging opportunities.
“We have no doubt that the Paterson Province, including our Minyari Dome Project, represents one of Australia’s most exciting gold and copper growth opportunities.”
“With the support of our loyal shareholders and new investors joining our register, we look forward continuing our journey and delivering long-term value for all stakeholders.”