Each Unit consisted of one common share and one-half of one common share purchase warrant of Antares, each whole warrant entitling the holder to acquire one common share at an exercise price of $6.00 per share until May 21, 2009. Antares expects that it will complete the remaining $15 million portion of the equity offering announced in its news release of October 30, 2007 on Friday, November 23, 2007.
Antares intends to use the net proceeds of the financing to fund further development of its Haquira and Rio Grande properties and for general working capital purposes.
Blackmont Capital Inc. acted as lead agent in connection with the Offering, together with GMP Securities L.P. (collectively, the "Agents"). As consideration for their services, the Agents were paid a commission of $900,008 and were issued broker warrants to purchase an aggregate of 130,436 common shares of Antares at an exercise price of $4.60 per share until May 21, 2009.
All of the common shares, warrants and broker warrants issued by Antares pursuant to the private placement are subject to a four month hold period under Canadian securities laws.
About Antares:
Antares is focused on the acquisition and exploration of precious and base-metal exploration properties in Latin America that can be quickly and cost-effectively advanced to the discovery and production stage. Antares most advanced project is the Haquira copper project in south-central Peru, immediately adjacent to the Las Bambas Project of Xstrata Copper. A drill program to delineate recently discovered high-grade primary porphyry copper-molybdenum-gold mineralization beneath the secondary copper blanket at the Haquira East zone is currently underway. Antares has an option to acquire a 100% interest in the Haquira project from Minera Phelps Dodge del Peru S.A.C. Antares is also exploring the Rio Grande copper-gold porphyry project in NW Argentina pursuant to an option/joint venture agreement with Mansfield Minerals Inc. -- www.cnxmarketlink.com
