Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) is looking to raise A$3.25 million, minus approximately A$180,000 in costs, to fund work at the joint venture La Demajagua open pit gold-silver mine in southwest Cuba.
The company will issue 50 million fully paid new shares at A$0.065 each with one free new option attaching to each two shares issued.
These options may be exercised at A$0.13 each on or before April 30, 2023.
Funds raised will be contributed as equity to AAU’s joint venture in Cuba and applied to maintaining the momentum of a definitive feasibility study (DFS) for La Demajagua.
The project is a 49:51% JV with the Cuban Government’s mining company, GeoMinera SA.
The DFS is expected to be completed by November 2022.
AAU's raise comes just a month after the company completed a scoping study for La Demajagua, assessing the preliminary mine plan, material scheduling and ore grades from mining engineers to produce a comprehensive report detailing robust financials involved in developing the mine.