The raising offers 60 million shares at $0.038 per share.
Argent will allocate the new funds to the company's three key projects being Kempfield, West Wyalong and Loch Lilly in New South Wales, which will deliver strong news flow for the remainder of 2017.
Attracting sophisticated investors for a multi-million dollar investment highlights support from the professional investing community, which can help to de-risk a company for potential retail investors.
Allocation of new funds
Kempfield Polymetallic Project (wholly-owned)
This will include infill drilling and metallurgy for the resource update.
The pending resource upgrade will incorporate potential lateral and depth extensions identified by recent drilling, which according to the company could swell the existing deposit dimensions by double.
The deposit would in that case be expected to host up to 100 million ounces of silver equivalent contained metal.
This would be comprised of silver, gold, lead and zinc.
West Wyalong Project (Argent interest 51%, increasing to 70%)
Completion of the six hole 2300 metre diamond drilling program, which is testing for porphyry copper gold and epithermal gold at the Theia and Narragudgil targets.
Loch Lilly Project (Argent right to earn up to 90%)
This is a new project for Argent and is located 80 kilometres south of Broken Hill, adding further depth to its portfolio.
An inaugural drill program will test the analogous Western Tasmania Mt. Read Volcanics potential identified by Dr. Tony Crawford.
Two diamond holes will be drilled up to 500 metres depth, each to test the walk-up geophysics targets of Eaglehawk and Netley.
Completing this drill test will move Argent to 50%.
The potential of Argent's three projects has been identified by the New South Wales government, which has awarded $750,000 to date in merit-based co-funding.
These grants are not made lightly, and are based on the technical merits of the projects, as assessed by independent panels of experts from amongst a significant number of funding applications in a highly competitive environment.
The impact of these additional funds help advance exploration, and as an example, Argent’s costs at Loch Lilly will be 75% co-funded by the NSW Government up to $150,000.
Therefore its only a very minimal cost for the company to drill a highly prospective asset.