Argonaut has been successful in the Placement of A$5 million (gross) forABM Resources Limited (ASX: ABU) followed by a fully underwritten non-renounceable rights issue of one fully paid ordinary for every eight Shares held by eligible shareholders at an issue price of $0.22 per share to raise up to approximately $7.7 million. The capital was used to develop and commission the Old Pirate Gold Project back into production. The funds were also used to continue near-mine and regional exploration programs as well as serve as general working capital. All Placements were significantly oversubscribed by solid support from local and international sophisticated investors.
ABM Resources Limited was an Australian gold exploration and development company based in Nedlands. Their main venture was the Old Pirate Project in Tanami, Northern Territory. The Company changed its name from ABM Resources NL to Prodigy Gold NL (ASX: PRX) in 2018 following a new strategy of aggressive drilling of their wholly-owned Projects. Prodigy Gold NL has an extensive greenfields and brownfields exploration portfolio in the Tanami Gold District.
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