PERTH (miningweekly.com) – ASX-listed junior Antipa Minerals will raise up to A$7.5-million through a share placement and entitlement offer to fund exploration at its Paterson projects, in Western Australia.
The company will place some 270-million shares to new and existing shareholders in two tranches, to raise an initial A$3.3-million, with the placement priced at 1.2c a share.
The first tranche will consist of some 263-million shares, which will be issued under the company’s existing capacity, with the second tranche holding the balance of the shares, and subject to shareholder approval.
Antipa will raise a further A$4.3-million through a partially underwritten, non-renounceable one-for-four entitlement offer to existing shareholders, and a shortfall placement.
The junior told shareholders that the funds will be used to conduct further exploration on its projects in the Paterson region, as well as for general working capital.