Antipa Minerals (ASX: AZY) has raised $1.52 million from a fully-subscribed placement to sophisticated and professional investors, with the company also launching a Share Purchase Plan - which could help increase capital raised to around $3 million.
Funds will be allocated to fund exploration of the company’s wholly-owned Citadel gold copper project in Western Australia, with a specific focus on extensional drilling of the Calibre Discovery.
Recent results include: 85.75 metres at 0.71g/t gold, 0.20% copper, 0.72g/t silver and 0.03% tungsten for a gold equivalent grade of 1.18g/t, or a copper equivalent grade of 0.78% from 315 metres.
The placement will comprise 23.4 million shares at $0.065 per share with a 1 for 3 attaching option with an exercise price of $0.08 and an expiry date of 31 December 2014.
The Share Purchase Plan will be priced the same as the placement, and has the potential to raise up to $1.2 million, with further $275,000 to directors - subject to shareholder approval. Both of these would have the same option entitlements as the placement.
The Citadel Project
The project covers over 1700 square kilometres in the Proterozoic Paterson Province of Western Australia, and is situated around 100 kilometres north of Newcrest’s Telfer gold-copper mine and includes the drill defined gold and copper mineralisation known as the Magnum Deposit.
The Company has applied for an additional 1,330 square kilometres of exploration licences, known as the North Telfer Project, which, on grant, will extend its ground holding in the Paterson Province to within 20 kilometres of Telfer.
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