Antares Metals (ASX:AM5) has completed tranche one of its placement to raise $2 million to fund exploration activities across its portfolio of assets.
The company will issue 250 million shares at a price of $0.008 across the two tranches, issuing 128.71 million shares in tranche one, with another 121.29 million shares to be issued in tranche two.
Another 3.75 million shares will be issued to Antares directors at a basis of one share held for two free attaching options, subject to shareholder approval at an upcoming general meeting in mid-January 2026.
Discovery Capital Partners and Cumulus Wealth acted as joint lead managers for the project.
Funds will be used towards initial exploration and assessment work at the Quinns Project and the acquisition of the Katanning Project, as well as for field mapping, geochemical, and geophysical surveys at the Mt Isa North Project in Queensland.
As reported by Mining.com.au, Antares entered a binding tenement purchase agreement to acquire the Quinns and Katanning gold and copper projects in Western Australia earlier this month.
Antares Metals is a junior explorer focused on uncovering copper and uranium deposits across Australia.
Write to Maddison Elliott at Mining.com.au
Images: Antares Metals
