The shares were issued at $0.0055, a considerable discount to the trading price today of $0.022.
Argonaut reached a 12-month high of $0.036 in late December and traded at $0.030 and above for much of January.
Copper project a catalyst for share price
The Torrens Copper Project in South Australia has been a catalyst for the improved share prices.
The company’s subsidiary, Kelaray Pty Ltd, is managing the joint venture.
Airborne survey scheduled
An airborne gravity survey is scheduled to be flown this month over the large-scale Torrens anomaly that has been likened to the nearby Olympic Dam deposit.
This survey is expected to improve the targeting of drill holes.
The company also expects the third of three approvals required for drilling at Torrens to be granted this month.
Drilling is expected to begin around the end of the March 2018 quarter
The share issue follows independent, non-executive director Malcolm Richard exercising 3.2 million options in January.
Total consideration was $17,500 and the unlisted options also had a price of $0.0055.