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HomeNationalArgosy Minerals to raise A$1.49m for West Africa iron ore prospects

Argosy Minerals to raise A$1.49m for West Africa iron ore prospects

Argosy Minerals to raise A$1.49m for West Africa iron ore prospects

Argosy Minerals (ASX: AGY) will raise A$1.49 million through a placement of 14.9 million shares at $0.10 per share to fund the development of iron ore prospects in Sierra Leone and for working capital.

The placement issue price represents an 11.5% discount to the thirty day volume weighted average price of shares prior to the announcement.

Argosy has applied for exploration licences over iron ore and chromite prospects in Sierra Leone and the placement is subject to the grant of the licence over the Argosy 93 Prospect.

Argosy will be exercising 4.75 million 10 cent options, concurrent with this placement, raising a further A$475,000.

The company 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.

Argosy Minerals is currently trading at $0.145.

Proactive Investors, Australia

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