Argosy Minerals raises capital

Argosy Minerals Limited announced that it has received binding commitments for a share placement to raise $800 000 before costs. 

The new shares will be issued at a price of 3 cents, which represents the last traded price prior to the Company's trading halt on 20 May 2016.

Under the Placement, the Company will issue a total of 26 666 667 new shares to sophisticated and professional investing using the placement capacity available under the ASX listing rule 7.1A. It is anticipated that the new shares will be issued by 26 May 2016, on the same terms as, and will rank equally in all respects with, the existing fully paid ordinary shares in the Company. 

The funds secured by the capital raising will be used to advance and progress the Company's projects, all the Company to consider additional lithium project opportunities, and for general working capital requirements. 

Argosy Minerals Limited is an ASX listed company engaged in base metals exploration with a graphite project in Namibia.