PERTH (miningweekly.com) – ASX-listed Argosy Minerals will raise A$6.2-million to progress its Rincon lithium project, in Argentina.
Argosy on Friday announced plans to undertake a partially-underwritten 1-for-15 renounceable rights issue, priced at 10c a share, to raise the funds. One attaching option will also be offered for every three new shares subscribed for.
“The proceeds of the rights issue will allow the company to build on the excellent progress made in the past year and continue engagement with potential Asian strategic partners for the full commercial development of our Rincon project,” said Argosy MD Jerko Zuvela.
“We believe the rights issue represents a good outcome for existing shareholders, providing them with the opportunity to participate in this important capital raising on very attractive terms.”
The issue price represented a 23% discount to Argosy’s ten-day volume weighted average share price.