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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

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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