Metal Tiger PLC (LON:MTR) has subscribed for just over seven million shares in Antipa Minerals Ltd (ASX:AZY) at an issue price of A$0.042 per share, for a total consideration of approximately A$300,000.
The investment forms part of an institutional placement by Antipa amounting to approximately A$22mln. Antipa is also implementing a share purchase plan will raise A$3mln, resulting in a total capital raise of up to A$25 mln.
The placement was met with strong demand from international and domestic institutions together with sophisticated and professional investors. Newcrest Ltd, Antipa’s largest shareholder, committed to approximately A$2.4mln to maintain its pro-rata shareholding at 9.9%. IGO Ltd subscribed for approximately A$1.2mln to maintain its shareholding at 4.9%.
The use of the proceeds from the capital raising will be used to maintain Antipa’s 35% interest in the Citadel joint venture with Rio Tinto and to accelerate exploration and appraisal activities at the Minyari Dome project.
The Citadel project currently hosts a combined resource of 1.6mln ounces of gold, 127,000 tonnes of copper and 1.2mln ounces of silver.
Antipa is an ASX-listed mineral exploration company focused on exploring the Paterson Province of Western Australia which hosts several world-class mineral deposits, including the Telfer gold-copper-silver mine, the Winu copper deposit and the Havieron gold discovery.
Antipa has significant farm-in agreements with Rio Tinto, Newcrest Mining and IGO and has consolidated a majority of exploration tenure in eastern Paterson.
Following completion of the fundraise, Metal Tiger will hold 0.23% of the enlarged share capital of Antipa.
For the interim six month period ended 30 December 2020, Antipa reported net assets of A$36.9mln and a net loss of A$2.5mln.