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Antilles Gold announces corporate review

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19th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Antilles Gold on Tuesday announced a review of the company’s corporate strategy over the next two years, which will consider a number of matters, including the possible divestment of its interest in the proposed La Demajagua and Nueva Saban mines, in Cuba.

The review will also examine funding options for copper exploration in 2024/25 which will minimise dilution, merger opportunities and the potential buy-back of shares to offset past dilution if a significant proportion of the claims from recently completed arbitration proceedings are received.

“It is an appropriate time for a change in how Antilles Gold is structured and managed in the future, and to review what our priorities should be going forward,” said executive chairperson Brian Johnson.

“We were approached by the Cuban government’s mining company, GeoMinera, in 2018 to consider joining with them in the development of a medium-sized gold mine at La Demajagua. However, after establishing our joint venture office in Havana in early 2021, with increasing confidence in operating in a mining-friendly jurisdiction, and with the government as our partner in such a mineral-rich country, we have taken the opportunity to acquire an interest in an additional mining project at Nueva Sabana, and some exceptional copper properties.

“It is time to consider, with external professional input, how we maximise value for current and future shareholders from our portfolio of outstanding assets.”

Antilles on Tuesday also announced that Johnson will step down as executive chairperson at the end of October this year, but will remain as a nonexecutive chairperson until the review is completed and a new chairperson is appointed.

Antilles earlier this month announced plans to raise up to A$4.3-million in a share placement and share purchase plan to progress the company’s projects in Cuba.

Edited by Creamer Media Reporter

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