Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) is conducting a pro-rata non-renounceable entitlement issue of a new class of options to fund the exploration of its copper prospects in Cuba.
Options will have an exercise price of A$0.10 per option, expiring on June 30, 2025, with eligible shareholders of the company receiving one new option for every three fully paid ordinary shares with each new option having an issue price of A$0.001 per option.
The purpose of the entitlement offer is to provide shareholders with the opportunity to acquire options at a low cost that will not expire until after two years of exploration on major copper targets in Cuba, and the anticipated commissioning of the La Demajagua gold, silver, antimony mine.
Based on the shares currently on issue and all entitlements to new options being taken up, the offer would raise approximately A$140,000 after costs, which would be applied to working capital.
Funds raised from the exercise of the new options are expected to be applied to an ongoing exploration of the copper prospects.
Learn more: Proactive 