Argent Minerals Limited: Completes Placement of SPP Shortfall - Oversubscribed

Sydney, Australia (ABN Newswire) - Argent Minerals Ltd. (ASX:ARD) is pleased to confirm that it has completed the placement of the Share Purchase Plan (SPP) shortfall to sophisticated investors to raise a total of approximately $771,921 before costs (Placement).


Highlights:

- Argent completes placement of Share Purchase Plan (SPP) shortfall to sophisticated investors for $771,921

- Strong interest from new and existing shareholders resulted in the issue being oversubscribed

- Kempfield deep diamond drilling program to commence this week

- Argent and its investors enjoy unique exposure to zinc and precious metals as markets reprice supply/demand risks

Argent Managing Director David Busch said, "We are very pleased with the strong level of interest from both new and existing shareholders who recognise the significant potential of Argent Minerals and its key projects, following the recent board appointments and the expansion of the Company's technical capabilities. This strong interest has resulted in the issue being oversubscribed.

"The funds from this Placement, together with the $269,000 Research & Development claim announced on 13 October 2015, amount to the addition of over $1 million cash to Argent's balance sheet as the Company commences the deep diamond drilling program at Kempfield.

"The proceeds of the Placement will used to fund the 7 hole 3,200 metre extended reach Kempfield deep diamond drilling program announced on 29 April 2015, targeting high-grade zinc/lead mineralisation and potentially copper and gold, downhole geophysics surveys for selected Kempfield diamond holes, follow up work in relation to the high resolution induced polarisation (IP) geophysics survey at the Company's West Wyalong copper gold target, and working capital.

"The Kempfield deep diamond drilling program is scheduled to start on Wednesday 21 October 2015, following the mobilisation of the selected drilling contractor, Chief Drilling, to Kempfield on Tuesday 20 October 2015.

Further details in relation to the drilling will be provided in follow up announcements.

"The Argent board notes that the Company's commencement of deep diamond drilling to test for high grade base and precious metals at Kempfield coincides with recent renewed interest in the commodities sector.


SPP shortfall placement details

Under the approval granted by shareholders at the 7 August 2015 general meeting (Approval), and in accordance with Section 1.9 of the SPP Option Prospectus dated 29 June 2015, the Directors have the right to place up to 35,087,324 new shares and 35,087,324 listed options not previously subscribed for under the SPP (shortfall) within 3 months from the date of the Approval with selected parties at their discretion.

The shortfall has now been filled with the issue of 35,087,324 fully paid ordinary shares (New Shares) at $0.022 with an attaching listed option, exercisable at $0.175 on or before 31 March 2016 (Attaching Options) for each of the New Shares subscribed for.

After the allotment of the above securities, the Company will have the following listed securities on issue:

Fully paid ordinary shares;- 254,719,176
Listed options exercisable at $0.175 on or before 31 March 2016;- 184,486,893
The New Shares and Attaching Options under the SPP will be allotted today 19 October 2015.

Appendix 3B is attached to this announcement, refer to link below.

To view announcement including Appendix 3B, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ARD-737780.pdf


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

Argent Minerals Ltd.
T: +61-2-9262-2211
F: +61-2-9475-5346
E: admin@argentminerals.com.au
www.argentminerals.com.au