The Canadian-listed Antler Gold has announced a private placement to raise US$500,000 to finance exploration activities in Namibia and Zambia.
The company wants to sell up to 10 million units of Antler shares for US$0.05 per unit.
Each unit will have one Antler common share and one common share purchase warrant for US$0.10 per share for 36 months.
The company owns Onkoshi Gold Project, Erongo Gold Project, Paresis Gold Project and Ziggy Copper Project in Namibia.
Antler owns Kesya Rare Earth Elements in Zambia and the Ufipa Gold Project.
Antler Gold said on Wednesday that some of these subscription funds will be dedicated to identifying and securing new regional opportunities in southern Africa.
“The strategy is designed to enhance Antler’s business model, which aims to provide short- and long-term revenue.
“The allocation of the Financing proceeds also includes funds for general corporate purposes, ensuring operational efficiencies and the ongoing growth of Antler within Africa’s premier mining jurisdictions,” the company said.
Antler has agreed with Numus Capital Corp., a registered Exempt Market Dealer, to act as the financing agent for a 7.5% commission of proceeds raised from investors introduced by the agent, except on subscriptions received from directors, officers, and Antler employees.
Antler is relying upon an exemption for shareholder approval required under section 5.7(1)(a) of MI 61-101 because any related party elements of such transactions would not exceed 25% of the market capitalization of Antler.
