Completes Private Placement
Sydney, June 18, 2015 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, Argent Minerals or the Company) is pleased to confirm that it has completed a private placement to sophisticated investors to raise a total of $525,500 in capital through the issue of 23,886,364 fully paid ordinary shares (Shares) at $0.022 with a free attaching listed option, exercisable at $0.175 on or before 31 March 2016 (Listed Option) for every share subscribed for (Placement).
HIGHLIGHTS:
- Argent completes private placement for $525,500
- Share Purchase Program (SPP) to be offered to eligible shareholders
- Proceeds of private placement and SPP to fund the Kempfield extended reach deep diamond drilling program targeting high grade zinc/lead and precious metals mineralisation, high resolution geophysics for the West Wyalong porphyry copper gold project, and working capital
The free attaching options issued as part of this placement are subject to shareholder approval and will be issued upon that approval being obtained.
The proceeds from the Placement and the Share Purchase Plan announced on 9 June 2015 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, a downhole geophysics surveys for selected Kempfield diamond holes, a high resolution induced polarisation (IP) geophysics survey at the Company's West Wyalong Project, and working capital.
After the allotment of the above securities, the Company will have the following shares on issue: Fully Paid Ordinary Shares 201,450,066
SHARE PURCHASE PLAN (SPP)
As announced on 9 June 2015, the Argent Board has elected to extend an opportunity to Argent shareholders to participate on the same pricing terms as that offered to and taken up by institutional and sophisticated investors.
Under the Share Placement Plan (SPP), eligible shareholders each acquire up to a maximum of $15,000 worth of new fully paid ordinary shares at an issue price of $0.022 per share. The Shares will be issued on the same terms as the Placement with one (1) free attaching Option for ever one (1) Share subscribed for. The Record Date for determining entitlements under the SPP is 5.00pm (WST) on 5 June 2015, and the closing date of the SPP is expected to be on or about the date of the upcoming shareholder meeting.
The issue of the Options under the SPP will be subject to shareholder approval being obtained.
The complete terms and conditions of the SPP will be mailed to all eligible shareholders in due course. Shareholders are urged to read the SPP terms and conditions in their entirety before deciding whether to participate in the SPP.
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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