Antipa Minerals Ltd (ASX: AZY) Completes A$16M Equity Placement
Antipa Minerals Ltd (ASX: AZY) has successfully completed an equity placement, securing A$16 million from the issuance of approximately 640 million new shares at A$0.025 each. The funds raised will significantly enhance the company’s balance sheet, supporting exploration and development initiatives, particularly for its flagship Minyari Dome Project in Western Australia.
Placement Details
The equity placement attracted new investments from several long-only North American resource institutions, marking a strong endorsement for Antipa. Additionally, existing shareholder Lion Selection Group contributed A$1 million to the placement. The funding puts Antipa in a robust position, complementing its existing cash reserves of approximately A$23 million aimed at advancing its exploration projects.
Use of Proceeds
Funds from the placement will be used for critical activities including completing a Pre-Feasibility Study (PFS) and a Definitive Feasibility Study (DFS) for the Minyari Dome Project. Antipa also plans to use the capital for mineral resource definition drilling and further exploration initiatives aimed at identifying new discoveries.
Executive Comments
Roger Mason, Managing Director and CEO of Antipa, stated, “The A$16 million placement underscores the quality of Antipa and its exceptional portfolio of exploration and development assets. The investment from high-quality North American and domestic institutions validates our growth potential. We aim to advance the Minyari Project toward a Final Investment Decision while seizing new opportunities.”
Upcoming Consolidation of Issued Capital
Antipa plans to propose a capital consolidation at a General Meeting scheduled for 21 February 2025. The consolidation aims to enhance the company’s share market appeal while aligning its share capital structure with industry peers. The changes will apply proportionately, ensuring no significant impact on shareholders’ percentage ownership.
The company expects to settle the new shares by 24 December 2024, with trading on ASX commencing on a normal settlement basis from 27 December 2024.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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