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Argonaut Resources Raises Funds From Rights Issue

Argonaut Resources (ASX:ARE) has raised $936,015.56 from its one for five rights issue after receiving applications for 42,546,123 new shares.

This represents a strong take up of 62% of total new shares applied for, which offered shareholders up to 57,926,020 shares priced at $0.022 each to raise up to $1,274,372.

Subscribers will also receive one free attaching option for every three shares, or a total 14,181,918 options.

These are exercisable at $0.06 and will expire on 31 March 2017.

Argonaut and Chilean copper major Antofagasta plc (LON:ANTO) have started their major and highly anticipated drilling program of over 8,500 metres at the Lumwana West copper project in Zambia.

This will test the large footprint copper targets at the West Mwombezhi and Kavipopo targets as well as interpreted extensions and repetitions of the Nyungu Central copper deposit.

Antofagasta can earn 70% of the Lumwana West project by spending US$18.9 million on exploration plus the amount required to complete a feasibility study to international standards.

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