Argosy Minerals Limited

Argosy Minerals Limited

February 14, 2011 00:27 ET

Argosy Minerals Limited: Capital Raising

LANGLEY, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2011) - Argosy Minerals Limited (ASX:AGY) (Argosy) is pleased to announce it has reached agreement for a A$1.49 million equity raising via a placement of 14.9 million ordinary shares (Shares) at 10 cents per Share to professional and sophisticated investors (Placement). The Placement issue price represents an 11.5% discount to the thirty day volume weighted average price of Shares prior to the announcement. 

As previously announced, Argosy has applied for exploration licences over iron ore and chromite prospects in Sierra Leone. This placement is subject to the grant of an exploration licence over Argosy 93 Prospect in Sierra Leone to explore for iron ore. 

The directors wish to advise that they will be exercising 4.75 million 10-cent options, concurrent with this Placement, raising a further A$475,000.

The funds raised will be used to fund the development of this project and for working capital purposes.

The directors have resolved, subject to shareholder approval, to issue 3 million 3‐year options, exercisable at 12.5 cents each and 3 million 3‐year options, exercisable at 25 cents each. Such options are to be allocated at the discretion of the Board, to directors, employees and consultants of Argosy.


Peter Lloyd, Chief Executive Officer

ACN 073 391 189

NEWS RELEASE No. 02 - 11

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