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Antipa Minerals raises $5.1 million to accelerate greenfields exploration within the Paterson province in WA

New shares issued under the placement will rank equally with existing shares on issue and are expected to be allotted on April 15, 2019.

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The placement will position Antipa with a strong cash balance to pursue a regional exploration strategy

Antipa Minerals Ltd (ASX:AZY) has raised $5.1 million from the placement of about 268.8 million new shares to new and existing investors at an issue price of 1.9 cents a share.

The placement ensures Antipa will be well-funded to accelerate its focus on regional exploration across the recently identified high-priority aerial electromagnetic (AEM) and aeromagnetic greenfield gold-copper targets within the El Paso corridor in Western Australia.

These targets include several that are analogous to Rio Tinto’s (LON:RIO) Winu copper-gold discovery, Newcrest Mining’s (ASX:NCM) Telfer gold-copper deposit and Greatland Gold PLC’s (LON:GGP) Havieron gold-copper discovery.

Antipa will also systematically test additional brownfields targets including Pajero, Triangle and Turkey Farm that have the potential to add high-grade gold ounces to the company’s resource base.

“Aggressive dual track exploration program” planned

Antipa executive chairman Stephen Power said: “We are delighted with the outcome of the placement that generated exceptional demand from existing shareholders and a number of new, high quality institutional investors.

“Antipa is now well capitalised to undertake an aggressive dual track exploration program comprising drill testing of high priority regional greenfield AEM and aeromagnetic targets across the El Paso corridor as well as brownfields targets in proximity to the Minyari-WACA deposits.

“In addition to exploration planned on our tenements, Rio Tinto is funding a significant program on the Citadel joint venture area, which neighbours their recent Winu discovery and the combination of the two will see Antipa as one of the most active companies in the region.”

The issue price represents a 20.8% discount to Antipa’s last closing price of 2.4 cents per share on April 2, 2019 and a 24.3% discount to the 10-day volume weighted average price of 2.5 cents per share.

Quick facts: Antipa Minerals Ltd

Price: 0.014 AUD

ASX:AZY
Market: ASX
Market Cap: $32.31 m
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