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- Argonaut Resources (ARE) receives commitments to raise $1.4 million via a share placement
- The money will be raised through the issue of roughly 933.3 million new fully-paid ordinary shares to sophisticated and professional investors at 0.15 cents each
- This price represents a 6.6 per cent premium to Argonaut’s 15-day volume-weighted average price of 0.14 cents
- ARE will use the money to fund exploration at the Darson pegmatite swarm in Western Australia and restore the Lumwana West licence in Zambia
- Argonaut ends the day in the grey to close at 0.2 cents
Argonaut Resources (ARE) has received commitments to raise $1.4 million via a share placement.
The money will be raised through the issue of roughly 933.3 million new fully-paid ordinary shares to sophisticated and professional investors at 0.15 cents each.
This price represents a 6.6 per cent premium to Argonaut’s 15-day volume-weighted average price of 0.14 cents.
Shares are expected to settle on November 9 and be allocated and begin trading on the ASX on November 10.
Argonaut will use the money to fund exploration at the Darson pegmatite swarm in Western Australia and restore the Lumwana West licence in Zambia.
Recent mapping at Darson uncovered multiple lithium-caesium-tantalum (LCT) pegmatites with the largest spanning a length of 400 metres and a width of 150 metres.
The Darson pegmatite swarm sits near the margin of the Pioneer Granite which is the ideal geological setting for the discovery of a commercial lithium deposit.
Samples have been submitted for laboratory analysis and Argonaut is currently in the process of gaining approvals for a reverse circulation drilling program to target the LCT pegmatites.
Argonaut has ended the day in the grey to close at 0.2 cents.
