Financial Wire

Antilles Gold Raises AU$2 Million via Share Placement; Shares Fall 4%

-- Antilles Gold (ASX:AAU) raised AU$2 million through the issuance of 142.8 million shares at AU$0.014 each, along with 71.4 million unlisted options exercisable at AU$0.03 and expiring Dec. 31, 2027, according to a Friday filing with the Australian bourse.

The securities were issued to Yue Xiao, who was introduced by engineering, procurement, and construction contractor Xinhai Mining for the Nueva Sabana project, per the filing.

The funds have already been received and will be loaned through the subsidiary to the 50% joint venture (JV) company Minera La Victoria as a secured, interest-bearing loan to support mine construction, the filing said.

The company's total JV lending is thereby increased to around $4.9 million, with expectations of rising to about $8 million by year-end as construction is completed.

The company also states that future funding could be partly supported by converting up to 834 million options exercisable at AU$0.01, which may generate around $5.8 million, the filing added.

The company's shares fell 4% in recent Friday trade.

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