Argonaut Resources (ASX:ARE) raises $5.2m via Placement

Henslow is pleased to announce its Lead Manager role in the completion of a $5.2m Placement for Argonaut Resources.  Funds raised will be used to accelerate drilling and scoping study program at Lumwana West in Zambia, drilling at Murdie in South Australia, providing working capital and covering transaction costs.  The Placement to professional and sophisticated investors received strong support and was well oversubscribed.

Argonaut holds exciting assets in prominent prospecting areas, with exposure to copper, cobalt, gold and uranium.  With buoyant demand and commodity prices in its target mineral portfolio, particularly including copper, the Company foresees good potential upside.    Key assets include the 90% owned Lumwana West copper-cobalt project in north-western Zambia and 100% owned Murdie iron oxide copper gold (IOCG) targets in South Australia.

Henslow has acted as Corporate Advisor to Argonaut for several years now and expects to further strengthen our partnership as the company strives to become a leader in mineral exploration and development.