Argonaut Resources (ASX:ARE) has completed a fundraising

Argonaut Resources NL (ASX:ARE) has raised US$3.6 million via a placement. The funds will be used to accelerate a drilling and scoping study program at Lumwana West in Zambia and 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 Resources 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.

Oaklins’ team in Australia acted as lead manager in this transaction.