Argent Minerals Ltd finalises placement for substantial work programs
Date
8/24/2016 1:59:24 AM
(MENAFN- ProactiveInvestors - Australia)
Argent Minerals Ltd (ASX:ARD) has now completed the heavily oversubscribed private placement to sophisticated investors.
The placement was priced at $0.03 and raised $1.755 million before costs.
Listed options have been issued and trade under ASX:ARDO, and have an exercise price of $0.10 with an expiry of 27th June 2019.
Following the raising Argent has a strong cash position that is in the process of being deployed to expedite an aggressive series of exploration programs for the 2016/17 financial year.
A further boost to the cash position is also expected as the company prepares to lodge its 2016 research and development claim.
Work programs under preparation include an expansion of the scope of the Kempfield project that will include the Trunkey and Pine Ridge goldfields, as the company also expedites the inaugural drill test of the two large gold targets at West Wyalong currently scheduled for commencement in October 2016.
Upcoming news
Assays and analysis are pending for the balance of the results of the recent 12 hole 3,167 metre diamond drilling program at Kempfield.
Kempfield is located in New South Wales and currently hosts 21.8 million tonnes at 47g/t silver for 33 million silver ounces, + 300,000 tonnes lead/zinc.
The project recently yielded 1 metre at 1,065g/t gold from 97 metres.
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