argosy in sierra leone

Argosy Minerals to raise A$1.49m for West Africa iron ore prospects.

Author: SEM

15/2/11

Argosy Minerals (ASX: AGY) will raise A$1.49 million through a placement of 14.9 million shares at $0.10 per share to fund the development of iron ore prospects in Sierra Leone and for working capital.

The placement issue price represents an 11.5% discount to the thirty day volume weighted average price of shares prior to the announcement.

Argosy has applied for exploration licences over iron ore and chromite prospects in Sierra Leone and the placement is subject to the grant of the licence over the Argosy 93 Prospect.

Argosy will be exercising 4.75 million 10 cent options, concurrent with this placement, raising a further A$475,000.

The company will also issue 3 million 3 year options, exercisable at 12.5 cents each and 3 million 3 year options, exercisable at 25cents each, to directors, employees and consultants of Argosy.

Argosy Minerals is currently trading at $0.145.

http://www.sierraexpressmedia.com/archives/19498


If you want background info if Argosy does get into mining in Sierra Leone , then check out SEM and Awoko newspapers as well as the Daily Mail ( it's a ruling party paper but not zealous ) which also has link to 5 other SL papers/web sites on top bar.....http://www.sierraleonedailymail.com/
Almost all my posts on Cape Lambert CFE forum are about SL and iron ore news in west africa.
CFE the only iron ore aussie in SL with 2 others from UK , London Mining and African Minerals ( owns 20% of CFE )
cheers