Argo Exploration Limited (ASX: AXT) announced the placement of 20,000,000 fully paid ordinary shares at $0.02 (2 cents) per share (together with 5,000,000 unlisted options exercisable at $0.05 (5 cents) each with the expiry date of 15 October 2021) to a strategic investor, LC Capital Limited to raise $400,000.
The Placement provides Argo Exploration with funding to explore and develop the available corporate opportunities. The Placement was done at ~54 per cent premium to the recent share price, reflecting the strategic nature of LC Capital Limitedâs investment.
Furthermore, AXT appointment Mr Jonathan Cheng as a Non-Executive Director with immediate effect.
At AEST 1:24 PM, the stock was trading at $0.016, zoomed by 33.3 per cent.