Antipa Minerals has received binding commitments for a non-underwritten placement to raise about $9 million through the issue of about 333.7 million fully paid ordinary shares at 2.7 cents per share.
The company will also undertake a Share Purchase Plan (SPP) of up to $3m, resulting in a total capital raising of up to $12m (before costs).
The placement was met with strong demand from international and domestic institutions together with sophisticated and professional investors.
Antipa managing director Roger Mason said the fully-owned Minyari Dome project offered the company a compelling gold production opportunity in Western Australia’s Paterson Province, which is strategically located just 35km from Newcrest’s Telfer 22Mtpa processing facility.
“Over the past 18 months, we have started to truly unlock the potential of this asset,” he said.
“Given the latent further value capable of being added via the drill bit, we remain committed to continuing a substantial exploration program across our 144 square kilometres of tenure at Minyari Dome.
“This raising delivers Antipa the ability to rapidly progress our resource growth drilling at Minyari Dome, as well as the Pre-Feasibility Study and its associated test-work streams.”
Proceeds from the capital raising will be used to fund ongoing exploration and project development activities at Minyari Dome and for general working capital purposes.
Following the recent successful completion of the scoping study which confirmed that Minyari Dome is a technically robust and commercially attractive potential stand-alone gold mining and processing operation, more detailed project development studies are set to continue through the rest of CY2022 and into CY2023.
