Argonaut Resources (ASX:ARE) has received applications for its recently closed share purchase plan (SPP) totalling over $550,000.
The SPP will see shares issued at $0.006 and due to the strong demand, directors will now assess the scale-back of applications.
The funds raised from the SPP will be used to complement the funds raised from the placement in advancing the company’s exploration projects, in particular, Argonaut’s interest in the Higginsville and Torrens projects.
Lindsay Owler, managing director, commented: “We are delighted with the overwhelming interest received for the SPP and we wish to thank all those shareholders who participated in the SPP for their continuing support of the company.
“The over-subscription of the SPP is exceptional and we look forward to being able to advance both the Higginsville and Torrens projects and update shareholders with further results.”