Antilles Gold Limited (ASX: AAU) (OTCQB: ANTMF) has confirmed that the company intends to issue 50.0 million fully paid New Shares at A$0.065 each with one free New Option attaching to each two New Shares issued, to raise A$3,250,000 before costs.
The New Options may be exercised at A$0.13 each on or before 30 April 2023.
The proposed issue will be effected in the following manner:
- 50,000,000 New Shares will be issued at $0.065 each on or about April 5, 2022 under Listing Rules 7.1 and 7.1A to raise $3,250,000 before costs of approximately $180,000.
- 25,000,000 New Options attaching to the New Shares issued under item i) will be issued free to recipients of the New Shares on a one for two basis under Listing Rules 7.1 and 7.1A.
- The Lead Manager for Items i) and ii) will be issued a total of 1,000,000 New Options as part of their fees under Listing Rules 7.1 and 7.1A.
The securities set out in Items i) and ii) above will be placed to Sophisticated Investors nominated by the Lead Manager, and those in Item iii) will be placed directly by the company to the Lead Manager, Kuala Lumpur based advisory firm, JS-First Sdn Bhd.
The funds raised will be contributed as equity to the company’s joint venture in Cuba, and applied to maintaining the momentum of the Definitive Feasibility Study (DFS) for the proposed La Demajagua open pit gold-silver mine in south west Cuba. The DFS is expected to be completed by November 2022.
For further information please visit: https://antillesgold.net/
