Antipa Minerals (ASX:AZY) raises $2m under SPP

• Antipa Minerals (AZY) completes a share purchase plan (SPP) to raise more than $2 million
• Shares were priced at 2.7 cents, with the average application amount totalling $9059
• The SPP followed two Antipa share placements that together raised $10 million through the issue of 367.3 million shares at 2.7 cents each
• Antipa raised over $12 million from the placement and SPP, with the money to be used to fund exploration and project development activities at its Minyari Dome project in WA
• Shares in Antipa last traded at 2.6 cents at 1:15 pm AEDT

Antipa Minerals (AZY) has completed a share purchase plan (SPP) and raised more than $2 million.

The SPP was open to 5378 eligible shareholders, with 226 shareholders participating for a participation rate of four per cent.

Shares were priced at 2.7 cents, with the average application amount totalling $9059.

Participants will also receive one free attaching unlisted option for every two shares subscribed for, exercisable at four cents with expiry one year from issue.

The SPP followed Antipa’s recent share placement, which raised $9 million through the issue of 333.7 million shares to institutional shareholders at 2.7 cents each.

Further, Newcrest (NCM) subscribed for an additional $1 million under the placement to keep its 9.9 per cent shareholding in Antipa. Newcrest will also subscribe for an extra $200,000 under its top-up right following the completion of the SPP.

Antipa has raised over $12 million from the placements and SPP, with the money to be used to fund exploration and project development activities at its Minyari Dome project in WA.

Yesterday, Antipa announced it had begun a phase two drilling program at Minyari Dome, with diamond, aircore and follow-up reverse circulation drilling planned.

The aim of this drilling is to significantly increase the mineral resources via the testing of gold-copper-cobalt resource extension targets.

Shares in Antipa last traded at 2.6 cents at 1:15 pm AEDT.