Antilles Gold

Antilles Gold Arranges up to $3.0 Million of Convertible Loan Notes

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that the Company has entered into an Agreement with Patras Capital Pte Ltd to provide up to three A$1.0 million Convertible Loan Notes to Antilles Gold Limited over the next three months.


The provision of the second and third Loan Note will be at the Company’s option, and may require shareholder approval with respect to placement capacity.

The aim is to raise funds to maintain the momentum of the near-term development of the Nueva Sabana gold-copper mine in Cuba while waiting on the outcome of the Groups’ arbitration of approximately A$45 million of claims against the Dominican Republic Government resulting from a project that was completed in 2019.

The Tribunal undertaking the arbitration has advised that the Award will be issued by the end of March 2024. It is anticipated that if the Award is favourable for the Company, and does not need to be enforced, the second and third Notes would not be issued.

The basic terms of each Loan Note are as follows;

Antilles Gold has sufficient placement capacity under Listing Rule 7.1 for the first Loan Note.

The 50:50 joint venture in Cuba expects to commence construction of the site works and a short access road from the central highway in April 2024, and the mine and associated infrastructure in July 2024.

The Chairman of Antilles Gold, Mr Brian Johnson, said that“the dilution of shareholders with recurring capital raises was extremely disappointing but unavoidable when the Company had no existing operations producing a cashflow.

In his opinion, irrespective of the dilution, and the current low market capitalisation, the value of the Company’s projects in Cuba is increasing significantly with continuing expenditure.

Antilles Gold is assisting the Cuban joint venture company, Minera La Victoria, in negotiations that have commenced with three potential Investors showing interest in buying into the company, and supporting its progressive growth. Successful negotiations with any Investor, would minimise additional raises by Antilles Gold in the foreseeable future.

Recent meetings with the Company’s Cuban partner, GeoMinera, have indicated it will be possible for the existing Joint Venture Agreement to be amended to permit majority foreign ownership in order to accommodate additional shareholders.

Drafting of amendments to the Agreement, and the joint venture company’s Articles is proceeding.”


Click here for the full ASX Release

This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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The webcast materials will be available before the market opens on Thursday, April 25th on the "Investor Relations" section of the Company's website, www.newmont.com . Additionally, the conference call will be archived for a limited time on the Company's website.

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For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005

About Newmont

Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

Media Contact
Jennifer Pakradooni
globalcommunications@newmont.com

Investor Contact
Neil Backhouse
303-837-5002
investor.relations@newmont.com

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