PERTH (miningweekly.com) – Junior Argent Minerals will raise A$2.2-million through a share placement to sophisticated and professional investors to fast-track resource drilling in New South Wales.
The company on Wednesday announced that it would issue 40-million fully paid ordinary shares, at a price of 5.5c each, with the placement shares also attracting one free attaching option for every two shares issued, with an exercise price of 5c and an expiry date of October 29, 2021.
“Argent is overwhelmed with the result of the placement. This will allow Argent to fast-track the company’s planned drilling over most project areas and now undertake a major drilling programme to upgrade the Kempfield polymetallic resource,” said MD and CEO George Karageorge.
The capital raise will fund a further two high impact drilling programmes, which will result in a total of six drilling campaigns being conducted over Kempfield, West Wyalong, Loch Lily and the historic Pine Ridge gold mine over the next 12 months.