Argent Minerals (ASX:ARD) has received firm commitments to raise $4.85 million under a placement to accelerate drilling at the Kempfield Project in New South Wales.
As part of the placement, Argent will issue 230.95 million shares at $0.021 per share, representing a 12.5% discount to the closing price on 2 September of $0.024 per share and a 14.68% discount to the five-day volume weighted average price (VWAP).
GBA Capital and ORA Capital acted as the lead managers to this placement, which is expected to settle on 10 September.
Managing Director Pedro Kastellorizos says the company is pleased to receive strong investor support for this placement, which will bolster the company into progressing the Kempfield Project towards development.
“The funds raised will allow Argent to commence drilling programs aimed at unlocking further growth opportunities at Kempfield and across our broader gold-copper portfolio,” Kastellorizos says.
“At Kempfield, the resource remains open both at depth and along strike, with recent drilling and geophysical surveys highlighting significant potential for extension.
“The funds will also support testing of several gold and copper prospects surrounding Kempfield, including the maiden drilling program at Trunkey Creek, with the potential to further expand the scale and enhance the polymetallic profile of Argent Minerals.”
Argent Minerals is an Australian explorer focused on progressing its two wholly owned projects, the Kempfield Project in New South Wales and the Copperhead Project in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Argent Minerals
