- Argent Minerals has raised $1.9 million in a private share placement to fund the advancement of three drilling programmes
- A total of 90.5 million shares with 113.1 attaching options will be issued as part of the placement
- This placement will boost Argent’s cash position and advance it ti exploration work on three main projects: Kempfield, West Wyalong, and Pine Ridge
Argent Minerals has raised nearly $2 million in a private share placement to fund the advancement of three drilling programmes.
As part of the placement, Argent plans to issue 90.5 million new shares at 2.1 cents apiece to bring in $1.9 million in funds. On top of this, 22.6 million attached options on a 1:4 basis will be issued, as well as 90.5 million options on a 1:1 basis.
Each of the options will be exercisable at 5 cents each on or before market close on Friday, 29 October 2021. As for the placement, Argent says the new shares will be issued in two tranches.
The first tranche will issue 59 million new shares, while the second tranche will issues the remaining 31.5 million shares — and all options — subject to shareholder and ASX approval.
Company management said the placement will boost Argent’s cash position and allow it to advance exploration work on three main projects.
Kempfield Project
The Kempfield Project is Argent’s flagship project just 41 kilometres south of Newcrest’s Cadia in New South Wales. Kempfield is a silver mining and polymetallic mining project, but Argent has regulatory approvals in place to fast-track drilling programmed to target a copper-gold footwall west of the known deposit.
West Wyalong Project
West Wyalong is a farm-in joint venture agreement between Argent — who operates the project — and Golden Cross Operations. Argent has currently earned a 78 per cent interest in the project.
The West Wyalong project is also found in New South Wales, and Argent has identified two potentially significant copper-gold targets in the area through a magnetic survey and induced polarisation surveys. Argent plans to drill deep diamond holes, each up to 500 metres, at the newest targets.
Pine Ridge
Argent’s Pine Ridge gold mine is just south of Kempfield, and Argent is the first company to secure an exploration licence over the Pine Ridge gold mine area since it was released from a 15-year lockup, from February 1998 until May 2013.
At the area, Argent plans to take on some geological mapping, geochemical sampling, and a drilling programme to drill high-grade gold targets in the area.
On top of these drilling and sampling programmes, Argent says the funds from the capital raising will go towards general working capital.
Argent shares closed 8.33 per cent up today, worth 2.6 cents apiece in a $14.03 million market cap.