Antilles Gold Limited announcement overview

Antilles Gold Limited (ASX: $AAU) has exercised its option to take up a second A$1.0M Convertible Note from Patras Capital Pte Ltd, following the issuance of the first A$1.0M Convertible Note on 8 March 2024. The company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note, with the remaining 13,000,000 Security Shares to be issued in due course. The majority of the funds raised will be utilized for subscribing to shares in the Cuban joint venture company, Minera La Victoria, to support pre-development activities for the Nueva Sabana gold-copper mine.

Executive commentary

The announcement signifies our commitment to securing the necessary funding for the pre-development activities of the Nueva Sabana gold-copper mine. We are confident that the additional funds will enable us to progress with the planned activities and further advance our joint venture with Minera La Victoria. This strategic move aligns with our long-term objectives and underscores our dedication to the development of valuable mining assets.

Summary of Antilles Gold Limited announcement

Antilles Gold Limited (ASX: $AAU) has taken up a second A$1.0M Convertible Note from Patras Capital Pte Ltd to secure additional funding for the Nueva Sabana gold-copper mine pre-development activities. The company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note, with the remaining 13,000,000 Security Shares to be issued in due course. The majority of the funds raised will be utilized for subscribing to shares in the Cuban joint venture company, Minera La Victoria, to support pre-development activities for the Nueva Sabana gold-copper mine. This move reflects the company's strategic approach to funding and its focus on advancing key mining projects.