Antler Gold Inc, a Canadian-listed mineral exploration company, has successfully raised N$9.4 million to advance its gold exploration in Namibia and Zambia.
The miner is also pursuing new regional opportunities across Southern Africa.
Antler Gold CEO Christopher Drysdale said in December the company closed a brokered private placement financing raising gross proceeds of $500,000 (N$9.4 million) from the sale of 10 million units of the company priced at $0.05 (N$0.94) per Unit announced on 14 November 2023.
“Each unit consists of one common share of Antler and one common share purchase warrant. Each warrant is exercisable to purchase one common share at a price of $0.10 per share for a period of 36 months from the closing date of the financing,” he said.
He added that the net proceeds are designated for the continued development of Antler’s exploration activities in Namibia and Zambia, where initial findings have been constructive.
“In keeping with our focus on project generation and organic royalty creation, a portion of these subscription funds will be dedicated to identifying and securing new regional opportunities in southern Africa,” he said.
Drysdale said the strategy is designed to enhance Antler’s business model, which aims to provide both short and long-term revenue.
“The allocation of the proceeds of the financing also includes funds for general corporate purposes, ensuring operational efficiencies and the ongoing growth of Antler within Africa’s premier mining jurisdictions,” he said.
Since being founded in 2016, the company has grown a portfolio of assets, diversified by commodity and jurisdiction.
He said Antler is currently working on its two quality Gold Projects in Namibia and its greenfields REE project in Zambia.
The Namibian projects are the Onkoshi Gold Project which shares significant similarities with Otjikoto (B2Gold), and its Central Erongo Gold Project which is a large land package that is contiguous with Twin Hills (Osino Resources).
The Paresis Gold Project is in a strategic location in a complex geological setting near key regional structures which are recognised for significant gold mineralisation potential.
Meanwhile, Numus Capital Corp, a registered exempt market dealer, acted as an agent for the financing.
In connection with the financing, Antler paid cash commissions of $20,250 (N$380,000) and issued 405,000 broker warrants to the agent.
“Each broker warrant entitles the agent to acquire one common share at an exercise price of $0.10 and is exercisable for a period of 36 months from the closing date. The financing was unanimously approved by all members of the board of directors of the company not in a declared conflict of interest,” said the CEO.
All securities issued according to the financing are subject to a four-month hold period until 21 April 2024.
Insiders purchased a total of 4.6 million units, including 0.5 million units purchased by an officer of the company.
The financing remains subject to final approval of the TSX Venture Exchange.