Antipa in $7m raising

West Perth-based Antipa Minerals has announced a capital raising of $3.3 million, and is planning an entitlement offer for an additional $4.3 million, with the funds to be spent on exploration work at the company’s projects in the Paterson region of Western Australia.

Under the placement, the company has issued 263 million shares at 1.2 cents each, representing an 18.1 per cent discount on the five-day volume-weighted average price.

The entitlement offer will be completed at the same price by way of a non-renounceable pro-rate entitlement issue on a basis of one-for-four shares held by existing shareholders.

Hartleys and Discovery Capital Partners acted as joint lead managers to the placement and the offer.

Antipa said the raising had the support of major shareholders including Sprott, along with a number of other institutional investors.

The proceeds will be used for exploration at the company’s Minyari, WACA, Tim’s Dome and Chicken Ranch gold copper cobalt deposits, which are all located in the Paterson region of the state.

“We are delighted with the strong support received from our existing shareholders and welcome a number of new, high-quality institutional investors as shareholders of Antipa,” executive chairman Stephen Power said.

“This is a great endorsement of both the company and our projects and we are now well positioned to deliver on our stated resource growth and objectives to support commencement of a study in 2019.”

Shares in Antipa were up 7.1 per cent at 1.5 cents each at 12pm AEDT.