Antipa Minerals (ASX:AZY) shares will rocket on the news that it has entered into an agreement to acquire the Mark Creasy controlled company, Kitchener Resources, in the Paterson Province, Pilbara region, Western Australia.
Kitchener Resources holds 15 exploration licences covering 3367 square kilometres, largely adjacent to the existing mineral tenements and applications held by Antipa, and include substantial ground near the world class Telfer Gold-Copper Mine.
The consideration for the acquisition of Kitchener Resources is a 1% net smelter royalty over Kitchener Resources’ tenements, and the issue of 10 million shares in Antipa at an issue price of $0.055.
Mark Creasy, through Yandal Investments, thus becomes a 5.1% substantial shareholder in Antipa; a ringing endorsement of Antipa by one of Australia's most successful prospectors.
This development positions Antipa as the dominant landholder in the highly prospective Paterson Province with 6300 square kilometres in a highly prospective area around the Telfer Dome.
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