Argonaut acted Joint Lead Manager to a $32.3 million Placement for Capricorn Metals Limited along with a sell down of $38.4 million by Hawke’s Point in 2020. Previous transactions included a $65 million two-tranche Placement in September 2019 as well as a $10.1 million non-renounceable fully underwritten Entitlement Offer at an issue price of A$0.065 per share earlier in the year. The funds raised were used to support activities at the Karlawinda Gold Project, including the relocation of the accommodation village and the mining infrastructure facilities. All Placements were underpinned by strong support from domestic institutions and sophisticated investors, which resulted in significantly oversubscribing capital raising. Resources were also allocated to continue exploration programs and spent on general working capital purposes.
Capricorn Metals Limited (ASX:CMM) is an exploration company focused on advanced gold open-pit mining at the Karlwinda Gold Project in the south-east of the town of Newman, in the Pilbara region of Western Australia. This site hosts Bibra and Francopan deposits in the Karlawinda Greenstone Belt, which spans the southern margin of the Sylvania Inlier and is part of a large-scale Archaean aged gold mineralized system.
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