A total of 7,392,329 shares were sold in an off-market transaction at 1.82 cents per share.
The proceeds will be distributed to shareholders who participated in the facility.
Where the total proceeds from the sale of an unmarketable parcel was less than $2, the funds will be donated to the Davenport Community Council in Port Augusta.
The amount to be donated is $488.87.
Argonaut recently identified 28 large volume iron oxide copper-gold (IOCG) drilling targets from airborne gravity and magnetic survey data of the Torrens exploration licence in South Australia.