PERTH (miningweekly.com) – Junior Antilles Gold will raise A$3.2-million in a one-for-four renounceable rights issue, to further fund exploration work at its La Demajagua gold/silver project, in Cuba.
The rights issue will be priced at 6.5c a share, representing a 32% discount to Antilles’ last closing price, and a 30% discount to the company’s 30-day volume weighted average share price.
The rights issue would come with one attaching listed option for every two new shares subscribed for, which is exercisable at 13c each and expires at the end of April 2023.
Antilles told shareholders that the funds raised would allow the company to complete a 15 000 m drilling programme at La Demajagua, and to progress a bankable feasibility study at the project for the development of a proposed openpit gold mine, while also allowing the company to review geological data for its other gold deposits in Cuba.