Antimony Resources went from assay headline to a fully subscribed financing in about 40 hours

The timeline

Time (EDT)	Release
Oct 5, 3:17 pm	Closes C$5,000,000 flow-through at C$0.47
Oct 14, 8:59 pm	Assays from the Main Zone at Bald Hill
Oct 15, 4:23 pm	Announces up to C$3,000,000 LIFE financing at C$0.30
Oct 16, 1:03 pm	Order book closed, "fully subscribed with one strategic mining investor"

The assay release

The October 14 headline reads "More Massive Antimony-Bearing Stibnite" of 21.45% antimony over 1.10 metres within 4.36% over 13.0 metres. The body reports laboratory assays; the word "massive" appears only in the headline.

The text and the release's own table do not match. The text says 4.36% over 13.0 metres; the table average is 4.35%. The text says a second zone of 5.35% over 3.45 metres "from 123.4 to 126.2 meters"; that span is 2.8 metres, and the table shows 2.80 metres. True widths are estimated at 70% to 80% of the reported lengths. The qualified person who approved the release is the company's President and CEO, Jim Atkinson.

In the same release the CEO said: "With the recent financing we are now positioned to restart drilling at Bald Hill," referring to the C$5 million flow-through it closed on October 5.

The financing

Less than a day later the company announced a new LIFE offering of up to 10,000,000 units at C$0.30, each with half a warrant at C$0.50 for two years, with no hold period. The next afternoon it said the deal "has been fully subscribed with one strategic mining investor." Neither release names the investor or says what stake it will hold.

By our arithmetic the new units are priced about 36% below the October 5 flow-through shares, though flow-through shares usually carry a tax driven premium. Together the two raises total C$8 million in 11 days.

What to ask

Who is the investor, and what share of the company will it own after closing on or about October 21? The releases do not say.

Sources: Antimony Resources releases of October 5, October 14, October 15 and October 16.