- Argonaut Resources (ARE) successfully completes is share placement and raises $5.2 million
- Roughly 693.3 million fully paid ordinary shares were issued to professional and sophisticated investors at 0.75 cents
- Argonaut will use the funds to undertake drilling at the Nyungu copper-cobalt deposit in Zambia
- The company will also use the funds to continue deep drilling at the Murdie Iron Oxide Copper-Gold Project in South Australia
- Shares in Argonaut have been trading steady at 0.9 cents since June 7
Argonaut Resources (ARE) has successfully completed its share placement and raised $5.2 million.
The company entered a trading halt on June 10 but did not disclose how much it intended to raise or what it would use the funds for.
Roughly 693.3 million fully paid ordinary shares were issued to professional and sophisticated investors at 0.75 cents.
This price represented a 16.7 per cent discount to Argonaut’s close of 0.9 cents on June 9 and a 16.1 per cent discount to the five-day volume weighted average price of 0.89 cents.
Shares are expected to be issue on June 18 and be allocated and begin trading on the ASX on June 21.
Argonaut will use the funds to undertake drilling at the Nyungu copper-cobalt deposit in Zambia.
Infill drilling will be undertaken for resource estimation and identify extensions and repetitions of the mineralised package.
The company will also use the funds to continue deep drilling at the Murdie Iron Oxide Copper-Gold (IOCG) Project in South Australia.
Argonaut will drill large gravity targets that could potentially represent significant IOCG deposits at depth.
Shares in Argonaut have been trading steady at 0.9 cents since June 7. The company has a $26.21 million market cap.