Completes Placement Raising $648,125
Sydney, Dec 12, 2014 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, Argent Minerals or the Company) is pleased to confirm that further to the ASX release dated 3 December 2014, the Company has allotted 24,004,630 fully paid ordinary shares to raise a total of $648,125, the balance of the $700,000 will be issued in due course.
The free attaching options issued as part of this Placement, exercisable at $0.175 on or before 31 March 2016, (Listed Options) are subject to shareholder approval being obtained. The Company will send a notice of meeting to shareholders in due course with respect to, amongst other things, the approval required for the issue the Listed Options as part of this placement.
After the allotment of the above securities, the Company has the following listed securities on issue:
Fully Paid Ordinary Shares 177,563,698
Listed Options exercisable at $0.175 on or before 31 March 2016 53,002,823
The shares issued under the Placement were issued pursuant to the Company's 15% placement capacity under ASX Listing Rule 7.1 and the Company's additional 10% placement capacity under ASX Listing Rule 7.1A. As such, the Company provides the below information under ASX Listing Rule 7.1A.4(b) in respect of the shares issued under ASX Listing Rule 7.1A.
(a) The Company issued 15,355,906 shares under ASX Listing Rule 7.1A which resulted in the following dilution to existing shareholders:
Number of shares on issue 12 months before the issue date 152,657,160
Shares issued under ASX Listing Rule 7.1A 15,355,906
Percentage of voting dilution to existing shareholders as a result of the shares issued pursuant to the Placement 10%
Further details of the approximate percentage of the issued capital post 7.1A placement held by the preplacement security holders and new security holders are as follows:
Percentage of pre-placement security holders who did not participate in the 7.1A placement 68%
Percentage of pre-placement security holders who did participate in the 7.1A placement 32%
Percentage of participants in the 7.1A placement who were not previously security holders 36%
(b) The Company issued the shares as a placement under ASX Listing Rule 7.1A as it was of the view that it was the most efficient and expedient mechanism to raise the funds required to achieve its stated objectives.
(c) The Company confirms that there was no underwriter in respect to the Placement.
(d) The fee payable by the Company in connection with the Placement comprises a cash fee of 6% of the funds raised pursuant to the Placement and up to 6,481,482 Listed Options, the Listed Options are subject to shareholder approval.
About Argent Minerals Limited
Argent Minerals Limited (
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.
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