Argonaut acted as Lead Manager to successfully raise A$5.2 million for Strandline Resources Limited (ASX:STA) (“Strandline”). The Company raised funds from Australian and international institutional and professional investors by way of a placement at an issue price of A$0.008 per share, a 23.08% premium to the last close price (as at 11 May 2017) of $0.0065. The raise was cornerstoned by Strandline’s long term shareholder and successful resources investor, Tembo Capital, as well as experienced mining & minerals investment company, C&H International Investment Limited.
Strandline has confirmed that funds raised pursuant to the placement will be applied to the completion of the Feasibility Study, mining approvals process and early stage development costs for the Fungoni Heavy Mineral Sands Project in Tanzania; ongoing exploration and development costs relating to the Company's other Permits and Projects including but not limited to in-fill resource drilling of existing deposits and regional exploration drilling of potential new deposits; as well as general working capital.
Argonaut is delighted to have supported Strandline and looks forward to providing ongoing assistance to the company.
Additional information regarding Strandline can be found on the company’s website at www.strandline.com.au.