The company had originally filed a preliminary prospectus in August 2017 for a $62.5 million rights offering but withdrew the amended prospectus on March 1, saying it intended to proceed but voluntarily withdrew it due to the 90-day filing period for the final short form prospectus expiring.

It said major shareholders had informed the company they intended to participate in the new offering.

Antioquia had opted in July last year to delay the start of mining at Cisneros from December to the June quarter to allow it to update its resources, which it did last month.

The company filed an updated, NI 43-101-compliant preliminary economic assessment for the Cisneros gold project in February, saying mine production was expected to start in the second quarter.

However it now expects first production tests to start in the third quarter due to "a slight delay caused by installation of plant foundations".

The PEA included an updated resource of 728,603 tonnes of measured and indicated resources for the Cisneros properties with an average grade of 5.389g/t gold, and an inferred 536,211t at 6.345g/t.

It put the preproduction capex at US$61.5 million, an after-tax IRR at 18.7% and post-tax NPV of $16.7 million.

The project has a five-year mine life and is expected to produce a total of 150,900 ounces.

On Friday, Antioquia said development and tunnelling was progressing rapidly at the Guaico and Guyabito mines, mineralised material was being stockpiled, the tailings area and pipeline was due to be finished in May and key equipment including crushers and mill conveyors had been delivered.

It had a working capital deficit of C$27.2 million (US$20.1 million) at the end of September.

Shares in the company have ranged from C4.5c-19.5c over the past year and closed up 1c, or 20%, to 6c on Friday capitalising it at $18.4 million.