Posted in | News | Iron Ore

Argosy Minerals Looks to Raise $1.49 Million

Argosy Minerals (ASX:AGY) is hoping to raise Australian $1.49 million via a placement of 14.9 million shares at a rate of $0.10 per share. The funds raised through the placement will be used to develop the iron ore prospects the company owns in Sierra Leone and also as working capital.

The share price of the placement issue is a 11.5% discount to the thirty day volume weighted average price of the shares before the announcement was made. The company has applied for a number of exploration licenses in prospects in Sierra Leone for iron ore and chromite. Argosy Minerals will get into the placement only if it is granted the licence for the Argosy 93 Prospect.

Argosy will be exercising 4.75 million 10 cent options, concurrent with this placement, raising a further A$475,000. They will also issue 3 million 3 year options, exercisable at 12.5 cents each and 3 million 3 year options, exercisable at 25cents each, to directors, employees and consultants of Argosy. The shares of the company are currently trading at $0.175.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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