Argent Minerals Limited - Closure of Share Purchase Plan
12.08.2015 | ABN Newswire
Sydney, Australia (ABN Newswire) - Argent Minerals Ltd. (ASX:ARD) is pleased to advise that the Company's Share Purchase Plan (SPP) was closed on 10 August 2015.Highlights:
- Share Purchase Plan (SPP) closed 10 August 2015
- Applications received for $400,000, for a total of approximately $925,500 raised to date before costs for the Kempfield deep diamond drilling program and West Wyalong geophysics survey
- 7 hole 3,200 metre diamond drilling program to test potentially significant 'size of the prize' at Kempfield, featuring high grade base and precious metals targets
- High resolution induced polarisation survey to assist in designing a drill program to test the West Wyalong porphyry copper gold target
The Company advises that it has received applications totalling $400,000, resulting in the issue of 18,181,786 New Shares at the issue price of $0.022 and 17,499,968 free Attaching Options exercisable at $0.175 on or before 31 March 2016.
Argent Managing Director David Busch said, "We are delighted with the strong response from our shareholders. Together with the Private Placement announced on 18 June 2015, a total of approximately $925,500 has been raised before costs.
"This represents a considerable strengthening of Argent's balance sheet and cash position ahead of the Company's Kempfield deep diamond drilling program and the West Wyalong geophysics survey. We are looking forward to commencing this exciting phase of exploration for both projects".
SPP Details
The Company further advises that the Directors' of the Company, (namely Messrs David Busch and Stephen Gemell) participated in the SPP to subscribe for 1,363,636 fully paid ordinary shares and 1,363,636 Options for an aggregate subscription of $30,000. The SPP subscription for David Busch was approved at the Company's General Meeting held on 7 August 2015. The SPP subscription options for Stephen Gemell will be issued subject to shareholder approval at the next Shareholder Meeting of the Company.
In accordance with Section 1.9 of the SPP Prospectus dated 29 June 2015, the Directors have the right to place the 35,087,324 New Shares that were not subscribed for by Shareholders pursuant to the SPP (shortfall) within 3 months from the date of the Prospectus with selected parties at their discretion as approved by shareholders at the General Meeting held on 7 August 2015.
The issue price of any Shortfall will be on the same terms as those offered to shareholders under the SPP including the issue of (1) free Attaching Options (Attaching Option) for every one (1) New Share subscribed for. The Company will keep the market informed on any development in relation to the placement of the Shortfall.
New Shares and Attaching Options under the SPP were allotted on 11 August 2015.
Dispatch of transaction confirmations and holding statements will be sent to shareholders on or around 12 August 2015. All New Shares issued under the SPP rank equally with existing ARD shares. No brokerage or transactions costs were payable under the SPP.
About Argent Minerals Limited:
Argent Minerals Ltd. (ASX:ARD) is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
Contact:
David Busch, Managing Director
Argent Minerals Ltd.
M: +61-415-613-800
E: david.busch@argentminerals.com.au