Antipa Minerals Ltd (ASX:AZY) has received firm commitments to raise $5 million via a placement to institutional and sophisticated investors with proceeds to extend exploration and appraisal activities at its flagship Minyari Dome gold-copper project in WA's Paterson Province.
The Minyari exploration program, being conducted in the current half year, involves follow-up growth drilling activities at various prospects including the recent near-surface high-grade gold discovery at the GEO01 target, plus scout drilling of several key geophysical and soil geochemical exploration targets including the Tetris and Pacman targets.
Antipa managing director Roger Mason said: “The 100%-owned Minyari Dome Project offers Antipa a compelling gold and copper exploration and development opportunity in Western Australia’s Paterson Province, and is strategically located just 35 kilometres from Newcrest’s 22 million tonnes per annum Telfer processing facility.
“Over the last 18 months, we have started to truly unlock the potential of this asset with multiple, significant discovery successes delivered.
"Given the compelling ongoing exploration opportunity that exists at Minyari Dome, we are committed to further rapid drill testing of this world-class tenure which covers almost 900 square kilometres.
"This raising delivers Antipa the ability to do exactly that as we continue aggressive potential resource growth and discovery drilling activities.”
Placement details
Antipa will issue approximately 385 million fully paid ordinary shares at $0.013 per share under the placement. The placement shares are expected to settle on September 4, 2023, and commence trading the following day.
The company will also issue one free-attaching unlisted option for every two new shares subscribed for and issued, pursuant to the placement. The options will be exercisable at $0.02 and will expire two years from the date of issue.
The company says there is potential to increase the placement size to $5.5 million should major shareholder, Newcrest Mining Ltd, exercise its right to maintain its 9.9% shareholding.
Antipa intends to also make a separate capital raising offer to existing shareholders, in an amount yet to be determined.