Antipa completes $5.1m raising

Antipa Minerals has announced it completed a $5.1 million capital raising, with the funds set to further its exploration in the Paterson province of the Pilbara.

Under the placement, Antipa issued the shares at a price of 1.9 cents per share, a 20.83 per cent discount to its previous closing price before the raising was undertaken of 2.4 cents.

The capital will primarily go towards its exploration of greenfield gold-copper targets within the El Paso Corridor in Paterson.

In a statement, Anitpa said these targets are analogous to Rio Tinto’s Winu copper-gold discovery, Newcrest Mining’s Telfer gold-copper deposit and Greatland Gold’s Havieron gold-copper discovery, which are all located in Paterson.

Antipa executive chairman Stephen Power said the company was now well capitalised to undertake an aggressive exploration programme.

“In addition to exploration planned on our 100 per cent-owned tenements, Rio Tinto is funding a significant programme on the Citadel joint venture area,” he said.

Last month, Rio committed to invest $3.4 million in the exploration of the Citadel project farm-in and joint venture in the Paterson province.

In 2013, Antipa said it entered an agreement to acquire Kitchener Resources, a company controlled by prominent prospector Mark Creasy that holds exploration applications over 3,367 square kilometres in the Patersons region.

It merged its Paterson province copper-gold tenements in with a suite of landholdings owned by Mr Creasy.