Antipa drums up $9m to accelerate the search for gold at Minyari Dome
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Investors have demonstrated their confidence in Antipa’s plan to accelerate exploration and appraisal activities at the Minyari Dome gold project by backing a $9m placement.
This follows strong support from international and domestic institutions together with sophisticated and professional investors and could be increased to $10m should major shareholder Newcrest Mining exercise its right to maintain its 9.9% shareholding.
Antipa Minerals (ASX:AZY) is also looking to raise up to another $3m through a share purchase plan to existing shareholders.
Both the placement and SPP are priced at 2.7c per share and include one free attaching unlisted option which are exercisable at 4c and expire a year from the date of issue for every two shares subscribed for.
“The 100%-owned Minyari Dome Project offers Antipa a compelling gold production opportunity in Western Australia’s Paterson Province, which is strategically located just 35km from Newcrest’s Telfer 22Mtpa processing facility,” managing director Roger Mason said.
“Given the latent further value capable of being added via the drill bit, we remain committed to continuing a substantial exploration programme across our 144km2 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 the wholly-owned Minyari Dome gold project.
This includes an aggressive resource expansion drilling consisting of both diamond and reverse circulation holes which will test a range of gold-copper-cobalt resource growth targets and prospects with a focus on the Minyari deposit.
Other notable opportunities are WACA Down Plunge, Sundown and WACA West.
Minyari Dome currently has contained resources of 1.8Moz of gold, 64,300t of copper, 584,000oz of silver and 11,100t of cobalt with a Scoping Study outlining some attractive economics.
There are also opportunities at Minyari North, GP01, WACA East and Judes areas for maiden resources.
This article was developed in collaboration with Antipa Minerals (ASX:AZY), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.