PERTH (miningweekly.com) – ASX-listed Antipa Minerals will raise A$5.1-million through a share placement to institutional and sophisticated investors to fund its exploration programme for 2019.
The company on Friday said that it would issue some 268.8-million shares, priced at 1.9c each, representing a discount of 20.8% to Antipa’s last closing price on April 2, and a 24.3% discount to its ten-day volume weighted average price.
“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,” said Antipa executive chairperson Stephen Power.
“Antipa is now well capitalized to undertake an aggressive dual track exploration programe comprising drill testing of high priority regional greenfield aerial electromagnetic and aeromagnetic targets across the El Paso Corridor and brownfield targets in proximity to the existing Minyari-WACA deposits.
“In addition to exploration planned on our 100% owned tenements, Rio Tinto is funding a significant programme 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.”
Rio is expected to spend some A$3.4-million in the Citadel joint venture in 2019, as part of a greater earn-in agreement where the miner could earn a 75% stake in the project by spending A$60-million in exploration.