For those throwing mud in relation to capital requirements for immediate drilling I'd say the deal is already done IMO and somewhat north of the HC experts expectations.. So if you think you'll get in lower, you're dreaming...Funding from placement
The cost of the initial exploration program of the El Pilar deposit will be met from part of the proceeds of a recent A$3 million share placement.
Once results from this program are received, the exploration activities and budget for 2023 will be confirmed.
The forecast cost of approximately US$2.5 million for next year is expected to be met by the placement of Antilles Gold shares to a number of European, Canadian, Southeast Asian and Australian investors who have expressed interest in supporting Antilles Gold’s development and exploration activities in Cuba.
Some of these prospective investors became new shareholders of Antilles Gold when collectively contributing more than 50% of the recent share issue and are looking forward to near-term drilling results which should indicate the prospectivity of the major El Pilar copper-gold porphyry deposit.
Exploration costs in the future could be met by surplus cash expected to be generated from the La Demajagua gold-silver open pit mine.
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- Ann: Drilling Confirms Copper Mineralisation at El Pilar, Cuba
Ann: Drilling Confirms Copper Mineralisation at El Pilar, Cuba, page-87
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