Daily Banking News
$42.39
-0.38%
$164.24
-0.07%
$60.78
+0.07%
$32.38
+1.31%
$260.02
+0.21%
$372.02
+0.18%
$78.71
-0.06%
$103.99
-0.51%
$76.53
+1.19%
$2.81
-0.71%
$20.46
+0.34%
$72.10
+0.28%
$67.30
+0.42%

Antipa Minerals Ltd receives strong validation of strategy through $25 million


The company has received firm commitments to raise $22 million through an institutional placement supported by major shareholders Newcrest Mining Ltd (ASX:NCM) and IGO Ltd (ASX:IGO).

() has received binding commitments for a non-underwritten placement to raise $22 million and will undertake a share purchase plan (SPP) of up to $3 million, resulting in a total capital raising of up to $25 million.

The placement attracted strong demand from international and domestic institutions as well as sophisticated and professional investors including (), the company’s largest shareholder, that has committed for around $2.4 million to maintain its shareholding at 9.9%.

IGO Ltd () has also committed to subscribe for around $1.2 million to maintain its stake at 4.9%.

“Highly successful raising” 

Antipa’s executive chairman Stephen Power said: “This highly successful raising enables Antipa to rapidly progress our exploration program and economic evaluation studies at the 100% Minyari  Dome Project and also to maintain our 35% interest in the Citadel JV with Rio Tinto which the Board considers has potential to drive significant value for our shareholders. 

“Both Minyari Dome and Citadel offer Antipa short to medium term production opportunities in Western Australia’s Paterson Province with a significant exploration programme to be undertaken at both projects this year. 

“I would like to thank our existing shareholders who supported this capital raising and welcome new shareholders for what is a very exciting phase for our company.”

Funds to advance ongoing exploration 

Following Rio Tinto’s 65% interest in the Citadel Joint Venture Project (Citadel JV) and its decision to to increase CY21 exploration expenditure to $24.5 million, Antipa has also elected to contribute to future joint venture expenditure to maintain its JV interest at 35%.  

Proceeds from the capital raising will be used to meet Antipa’s 35% share of the Citadel JV exploration expenditure for 2021 and to fund ongoing exploration activities at the company’s 100% owned Minyari Dome Project.

The Minyari Dome exploration programme for the remainder of CY21 includes a significant 6,000 metres diamond core (DD) and 15,000 metres reverse circulation (RC) drill program focusing on the Minyari and WACA deposits, which is going to start  in early May with  the following objectives:

Test for both extensions to and new zones of high‐grade gold‐copper‐silver Havieron style breccia mineralisation; and

Upgrade the existing Mineral Resource (MRE) of 723,000 ounces of gold at 2.0 g/t, 26,0000 tonnes of copper at 0.24% and 233,000 ounces of silver at 0.7 g/t.  

Placement details

As a part of the placement, the company plans to issue up to 523,809,550 shares at an issue price of 4.2 cents per share to raise approximately $22 million.

The placement price of 4.2 cents represents a 17.65% discount to the last closing of April 16, 2021, a 17.33% discount to 5‐day VWAP and a 6.98% discount to the 10‐day VWAP.

The placement shares are expected to settle on Wednesday, April 28, 2021and are likely to start trading on the ASX on a normal settlement basis on Thursday, April 29, 2021.

Euroz Hartleys Securities Limited and Canaccord Genuity (Australia) Limited acted as joint lead managers to the placement.

Share Purchase Plan (SPP) details

Antipa will undertake a SPP of up to a maximum of $3 million, enabling existing eligible shareholders to apply for up to $30,000 of shares at the same price as the placement.

The record date for the SPP is 5:00 pm (Perth time) on Tuesday, April 20, 2021, and is open to all eligible shareholders in Australia and New Zealand.

The SPP offer is anticipated to open from Thursday, April 29 to Thursday, May 13 subject to Antipa’s discretion to amend these dates.



Read More: Antipa Minerals Ltd receives strong validation of strategy through $25 million

Get real time updates directly on you device, subscribe now.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.