- Antler Gold (ANTL) has closed its previously announced private placement to raise C$3 million for exploration at its Erongo gold project in Namibia
- The company issued a total of 12 million units at a price of $0.25 each, which were comprised of one common share and half of one common share purchase warrant
- Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.40 for a period of 24 months from the date of issuance
- The proceeds will be used to fund exploration work at the company’s Erongo gold project in Namibia, as well as for general working capital purposes
- Antler Gold (ANTL) is currently up 4.65 per cent and is trading at 45 cents per share at 11:12am EDT
Antler Gold (ANTL) has closed its previously announced private placement to raise C$3 million for exploration at its Erongo gold project in Namibia.
Under the terms of the placement, which was announced earlier this month, the Halifax, Nova Scotia-based company issued a total of 12 million units at a price of $0.25 each,. These units are comprised of one common share in Antler Gold and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share in the company at a price of $0.40, exercisable for a period of 24 months from the date of issuance.
Numus Capital will acted as the agent for the offering, in conjunction with Cormack Securities and PowerOne Capital Markets as finders.
As consideration for their services, the parties received a cash compensation of $203,350 along with 813,400 compensation warrants. These warrants are exercisable at a price of $0.25 per share any time for a period of 24 months from the date of issuance.
The proceeds raised under the offering will be used to fund exploration work at Antler Gold’s Erongo gold project, as well as for general working capital purposes.
Located in central Namibia near the towns of Usakos, Karibib and Omaruru, the Erongo gold project hosts five licenses within a total land package of approximately 85,341 hectares on the Navachab-Damara Belt.
Initial work at the project undertaken by Antler Gold was focused on the reinterpretation of government-gathered aeromagnetic data, which subsequently resulted in the discovery of a large, previously unmapped regional structure, now known as the Kranzberg Fault Zone.
Antler Gold (ANTL) is currently up 4.65 per cent and is trading at $0.45 per share at 11:12am EDT.