Antipa Minerals completes $3 million share purchase to follow $22 million institutional placement
Antipa Minerals Ltd (ASX:AZY) has completed a strongly supported and oversubscribed share purchase plan raising A$3 million and resulting in the company receiving applications totalling A$5 million at the issue price of A$0.042 per share.
This price was the same as the institutional placement completed on April 29 and brings the total funds raised under the placement and SPP to A$25 million before costs.
Proceeds from the placement will be used to meet Antipa’s share (35%) of the Citadel Joint Venture 2021 exploration expenditure, in addition to funding ongoing exploration activities at the 100% owned Minyari Dome Project and for general working capital purposes.
Antipa now holds more than A$30 million in cash.
The SPP was open to 4,293 eligible shareholders and Antipa received valid applications from 379 eligible shareholders, raising the maximum amount of $A3 million, representing a participation rate of 9% and an average application amount of A$13,434.
A total of 71,428,571 new shares will be issued on May 24, 2021, under the SPP and are expected to commence trading from May 25, 2021.
Strong demand from eligible shareholders in the SPP has necessitated a scale-back of valid applications with the scaling determined in accordance with the terms and conditions of the SPP.
Antipa would like to thank existing shareholders for their participation in the SPP.
Holding statements for the new SPP shares will be despatched on or around May 25.
The payment of refunds for scaled back applications, as well as late and invalid applications, is expected to commence on May 25.