PERTH (miningweekly.com) – ASX-listed Antilles Gold will raise some A$5-million in a share placement to fund exploration work and definitive feasibility work at the La Demajagua openpit gold/silver mine, in Cuba.
Antilles on Tuesday said that it would place up to 65-million new shares, at a price of 7.75c each, with one free new option attached to each two shares subscribed for, to raise some A$5.03-million before costs.
The new options could be exercised at a price of 13c each before the end of April 2023.
Some 51.6-million of the new shares would be issued under the company’s existing placement capacity, while the options attached to these shares would only be issued subject to shareholder approval. Some 13.3-million shares, and 6.6-million attaching options would also be issued based on shareholder approval, at a meeting scheduled for November 22.
Antilles said on Tuesday that the funds raised would go towards a 10 000 m drilling programme, which started last week, and to work on a definitive feasibility study for the La Demajagua joint venture.