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Argonaut congratulates MZI Resources on Capital Raising

Argonaut has successfully received commitments for approximately A$45 million (gross) for MZI Resources following a share Placement and Share Purchase Plan (SPP) undertaken at $0.40 per share. Bell Potter was joint lead manager.

The proceeds will support MZI’s ramp-up production at its Keysbrook Project with a strengthened balance sheet and simplified capital structure. Funds raised will be used to repay funds drawn down from existing bridge loan facilities provided by MZI’s major shareholder, Resource Capital Fund VI L.P. (RCF) and provide working capital as Keysbrook targets commercial production in early 2016.

Commenting on the raising, MZI Managing Director, Trevor Matthews said: “The success of the Placement is a great vote of confidence in MZI and the Keysbrook Project. With mining now underway at Keysbrook, MZI is well positioned to become a long life and high margin mining company.”

Argonaut is delighted to provide ongoing support to MZI and looks forward to the relationship continuing.

Additional information regarding MZI and the Capital Raising can be found on the company’s website at www.mzi.com.au.