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Argosy to raise A$17M, moves for early earn-in of Rincon lithium JV stake

Argosy Minerals Ltd. is raising A$15 million via a share placement at 22 Australian cents apiece and intends to raise a further A$2 million via a share purchase plan offered to certain shareholders.

The company said Oct. 5 that the placement is being undertaken as an alternative to the previously announced A$16.9 million placement to Qingdao Qianyun High-tech New Material Co. Ltd., as the latter was not able to secure regulatory approvals in time.

However, both the previously agreed preliminary and long-term off-take agreements for supply of battery-grade lithium carbonate equivalent product are still in place.

Meanwhile, Argosy reached an in-principle agreement to move to 77.5% ownership interest in Puna Mining SA, the joint venture company that owns the Rincon lithium project in Argentina, ahead of schedule.