Antipa Minerals Ltd (ASX:AZY) has received commitments to raise up to $3.3 million via a placement to both new and existing institutional and sophisticated investors at 1.2 cents per share.
In addition to the placement, Antipa is raising up to a further $4.3 million by way of a partially underwritten 1:4 entitlements offer to existing shareholders and a shortfall placement.
Antipa is focused on exploring more than 5,000 square kilometres of highly-prospective and under-explored tenure within the Paterson Province of Western Australia.
The capital raising ensures Antipa is well funded to undertake its planned exploration program to grow the 723,000 ounces high-grade gold resource at the Minyari / WACA deposits.
Antipa is also planning to test the potential at Tim’s Dome, which represents a potential analogue to Newcrest’s (ASX:NCM) Telfer mine, one of the largest and most productive gold/copper mines in Australia.
The company will also seek to test a number of prospects regionally on its 100% owned tenements, including the high-grade Chicken Ranch prospect.
Own and farm-in projects
On completion of the capital raising, Antipa will undertake a 55,000 metres drilling campaign on its fully owned Paterson projects to expand the current resource.
Antipa’s joint venture partner, Rio Tinto Exploration Pty Ltd will also continue its exploration efforts on the Citadel Project, with confirmation having been received in respect of the 2018 program as part of the $60 million Rio farm-in at Citadel.
Well-positioned to deliver resource growth
Antipa executive chairman Stephen Power said: “We are delighted with the strong support received from our existing shareholders and welcome a number of new, high quality institutional investors as shareholders of Antipa.
“This is a great endorsement of both the company and our projects and we are now well positioned to deliver on our stated resource growth and objectives to support commencement of a study in 2019.”