Antipa Minerals Ltd (ASX:AZY) has raised more than $2 million via a share purchase plan, following on from a $9 million placement last month to accelerate exploration and appraisal activities at the flagship Minyari Dome Gold Project in WA.
The company is set to receive renewed support from resources giant Newcrest Mining Limited, which will subscribe for $200,000 worth of AZY shares to maintain its 9.9% stake in the company. It comes just weeks after Newcrest invested $1 million on top of the $9 million placement to retain its interest.
Proceeds to fund project development
Between the placement in September and the share purchase plan, Antipa has raised over $12 million.
The company intends to advance Minyari Dome with aggressive resource expansion drilling and a pre-feasibility study, following up on a recently completed scoping study that confirmed Minyari’s technical and economic viability.
“Given the latent further value capable of being added via the drill bit, we remain committed to continuing a substantial exploration program across our 144 square kilometres of tenure at Minyari Dome,” Antipa Minerals managing director Roger Mason said in an announcement last month.
“This raising delivers Antipa the ability to rapidly progress our resource growth drilling at Minyari Dome, as well as the pre-feasibility study and its associated test-work streams.”