Argent Minerals Limited: Capital Raising Completed - Options Listed
23.08.2016 | ABN Newswire
Sydney - Argent Minerals Ltd. (ASX:ARD) is pleased to announce the completion of the heavily oversubscribed private placement to sophisticated investors to raise a total of $1.755 million before costs.Highlights:
- Private placement completed at 3.0 cents per share to raise $1.755 million before costs
- Listed options have been issued and are now able to trade under the ASX code ARDO - exercise price of 10 cents and expiry 27 June 2019
- Strong cash position and funding outlook as Argent advances its substantial work programs for the 2016/17 financial year
Listed options, which form part of the private placement, have been issued and can be traded on the ASX platform under the code ARDO.
The 117,000,000 listed options (ASX Code: ARDO) have an exercise price of 10.0 cents and an expiry date of 27 June 2019 in accordance with the Prospectus released to the ASX on 17 August 2016.
Following the completion of the private placement, Argent has a strong cash position that is in the process of being deployed to expedite an aggressive series of exploration programs for the 2016/17 financial year.
A further boost to the cash position is also expected as the Company prepares to lodge its 2016 research and development claim.
Work programs under preparation include an expansion of the scope of the Kempfield project that will include the Trunkey and Pine Ridge goldfields, as the Company also expedites the inaugural drill test of the two large gold targets at West Wyalong currently scheduled for commencement in October 2016.
Assays and analysis are also pending for the balance of the results of the recent 12 hole 3,167 metre diamond drilling program at Kempfield.
About the Private Placement
In summary, two tranches of ARD shares have been issued under the private placement to sophisticated investors as announced on 28 June 2016. 18,096,283 shares under Tranche 1 and 40,403,717 shares under Tranche 2 (including a total Argent Director participation of 3,666,667 shares) have been issued for a total of 58,500,000 new shares (Private Placement).
In addition, a total of 117,000,000 listed options have also been issued under the Private Placement, in accordance with the prospectus released to the ASX on 17 August 2016 (Prospectus), under the ASX code ARDO. The listed options have an exercise price of 10 cents and an expiry date of 27 June 2019, and can be traded on the ASX platform.
Investors wishing to trade the ARDO options should refer to the Prospectus for further details.
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