Friday, 10 December 2010

Argonaut Exploration Looks to Raise $1,000,000

Argonaut Exploration
AGA - TSX.V
Shares Outstanding - 25.2 Million
Fully Diluted - 35.9 Million

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Late yesterday, Argonaut Exploration announced it intends to raise 5 million Flow-Through Units at a price of $0.20 per Flow-Through Unit. Each Flow-Through Unit will consist of one common share on a tax “flow-through” basis and one non “flow-through” common share purchase warrant.

The warrants are set for two years. If exercised in the first 12 months they are priced at $0.30. If exercised in the last 12 months they are priced at $0.35.

Mineral Fields Group has acknowledged an interest in $400 thousand of the offering.

Proceeds of the private placement will be used for exploration activity throughout 2010 and 2011, general corporate purposes and to increase the Corporation's working capital.

If you would like to know more about this placement, please click here to send us your contact information and we will forward the request to the appropriate member of Argonaut management.

To view the full release, please click here