Antipa Minerals Ltd (ASX:AZY) will raise $3.34 million after receiving outstanding support from option holders who have exercised 99.6% of AZY’s listed $0.01 options in advance of the 17 May 2016 expiration date.
The small shortfall of 0.4% shares will be taken up by the underwriters Veritas Securities Limited.
The new funds will finance Antipa’s planned exploration activities, primarily its new Minyari-WACA area including the upcoming Phase 1 Minyari gold-copper deposit drilling programme.
These prospects are part of the North Telfer Project in Western Australia, hosting a number of historically defined gold and copper prospects.
Intersections from prior drilling includes 38 metres at 4.47 g/t gold and 0.05% copper from 88 metres downhole and 35.5 metres at 3.16 g/t gold and 0.56% copper from 9 metres downhole.
The Minyari-WACA provides a short term exploration and development opportunity, supported by the shallow high grade gold and copper mineralisation and the potential for open pit mining.
Additionally, Antipa’s joint venture Citadel Project in Western Australia is also underway, which is fully funded by Rio Tinto Exploration Pty Ltd with a maximum of $60 million exploration expenditure.
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