Argent Minerals Limited (ASX:ARD) has secured $1.2 million in a private placement to advance its top three precious and base metals projects all in New South Wales.
The placement priced at $0.03 per share was heavily oversubscribed with strong support from existing sophisticated investors.
There will be 40 million new shares issued with 40 million options.
Each option can be exercised at $0.10 at any time on or before 27 June 2019.
READ: Argent Minerals' metallurgical test work enhances recoverable metal from Kempfield
Argent has a number of projects featuring gold, silver, copper, lead and zinc.
The primary focus is on Kempfield polymetallic, West Wyalong porphyry copper-gold and Loch Lilly porphyry copper-gold projects.
Notably, all three highly prospective targets have been awarded merit-based New South Wales Government funding.
READ: Argent Minerals reveals copper-gold porphyry potential at Loch Lilly
As well as supporting ongoing work at the projects, the placement funds will provide working capital as the company’s new board pursues potential acquisitions.
New board seeks to enhance company value
The board aims to leverage its expertise to pursue other projects to complement Argent’s existing base and precious metal project portfolio.
This process also includes re-evaluating and adjusting project priorities to enhance company value.