- Newcrest Mining (NCM) exercises its right to maintain a 9.9 per cent stake in junior explorer Antipa Minerals (AZY)
- The multi-billion-dollar gold miner has done so through a top-up placement of $1 million, increasing Antipa’s recently announced placement to $10 million
- Antipa’s Managing Director, Roger Mason, says he “warmly welcomes” Newcrest’s ongoing support, with the funds to go towards Antipa’s Minyari Dome project in WA
- Newcrest shares are trading 2.57 per cent lower at $16.66 and AZY shares are down 6.45 per cent at 2.9 cents each at 2:44 pm AEST
Newcrest Mining (NCM) has exercised its right to maintain a 9.9 per cent shareholding in Antipa Minerals (AZY).
The multi-billion-dollar company has done so through a top-up placement on the same terms as Antipa’s recent share placement.
On September 12, Antipa Minerals announced it had received commitments from institutional and sophisticated investors to raise $9 million via a placement.
The placement had the potential to be increased to $10 million if Newcrest, AZY’s major shareholder, exercised its rights within five business days.
As such, Newcrest’s commitment will see Antipa issue an additional 36.7 million
shares at 2.7 cents each to raise an extra $1 million.
Newcrest has also told its investee that it intends to exercise its top-up right again following the completion of Antipa’s share purchase plan (SPP) of up to $3 million.
As it announced earlier this week, Antipa will use the funds for ongoing exploration and project development activities at its Minyari Dome project in Western Australia’s Paterson province.
“We warmly welcome Newcrest’s ongoing support for Antipa and its Paterson province portfolio and strategy, including our rapidly emerging 100 per-cent-owned Minyari Dome gold project,” Antipa Managing Director Roger Mason said.
The top-up placement shares are expected to settle on Friday, September 23, and will be issued on the following Monday.
Newcrest shares were trading 2.57 per cent lower at $16.66 and AZY shares are down 6.45 per cent at 2.9 cents each at 2:44 pm AEST.