Antipa Minerals Limited (ASX: AZY) announced the capital raising to accelerate exploration AND development strategy. The company expects to raise $5.1 million with the issuance of new shares of around 268.8 million at an issue price of $0.019 per share. Existing shareholders is in support of the placement and introduced many new, high quality domestic and international investors to the company’s share register.
The placement ensures that the company will be well funded to undertake its planned 2019 exploration programme on its 100% owned tenements with its renewed focus on the regional exploration across the company’s recently identified high priority aerial electromagnetic (“AEM”) and aeromagnetic greenfield gold-copper targets within the El Paso Corridor. These targets include several points that are analogous to Rio Tinto’s recently announced Winu copper-gold discovery, Newcrest Mining’s Telfer gold-copper deposit and Greatland Gold’s Havieron gold-copper discovery. Additionally, the company will systematically test additional brownfields targets, including Pajero, Triangle and Turkey Farm that have the potential to add high-grade gold ounces to the company’s 100% owned resource base.
The company’s Executive Chairman, Stephen Power, stated that they are excited about the placement that generated exceptional demand from the existing shareholders and many new high-quality institutional investors. They are now well capitalised to undertake an aggressive dual track exploration programme comprising drill testing of high priority regional greenfield AEM and aeromagnetic targets across the El Paso Corridor and brownfields targets in proximity to the existing Minyari-WACA deposits. In addition to exploration planned on their 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 AZY as one of the most active companies in the region.
The issue price had a discount of 20.8% to company’s last close of $0.024 per share on April 2, 2019, and a 24.3% discount to the 10-day volume weighted average price (“VWAP”) of $0.0251 per share.
The new shares issued under the placement would rank equally among the existing shares on issue, and they are expected to be allotted on Monday, 15 April 2019. The trading of the new shares will commence start on the ASX on the same day on a normal settlement basis.
The placement has been conducted according to the company’s existing 15% placement capacity under ASX Listing Rule 7.1. Hartleys Limited and Discovery Capital Partners acted as Joint Lead Manager to the placement.
In another announcement made by the company, it has stated that the securities will be placed in a trading halt, pending it releasing the market announcement. The securities of AZY will remain in a trading halt until the earlier of the commencement of normal trading on 5 April 2019, or when the announcement is released to the market unless ASX decides otherwise. At the time of writing (on April 5, 2019, AEST: 3:00 PM) the stock of Antipa Minerals is trading at $0.022, down 8.333%, with a market capitalisation of ~$43.38 million. Today, it made day’s high at $0.022 and day’s low at $0.021, with a daily volume of 16,738,681. Its 52 weeks high was at $0.037 and 52 weeks low at $0.012, with an average volume of 7,922,876 approximately. Its absolute return for five years, one year and three months are 32.68%, 41.18%, and 23.08%, respectively.
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