For personal use only

For personal use only
27 October 2014
Argosy Minerals Limited (ASX: AGY) (“the Company”) is an Australian based mineral
exploration company with a 100% interest in the Erongo Graphite Project in Namibia. The
Company provides the following update for the quarter ended 30 September 2014.
Erongo Graphite Project (Area 51)
The Erongo (Area 51) Graphite Project is located in Namibia, approximately 275km
northwest of the capital Windhoek. The Company has previously advised it had conducted
drilling, sample analysis and geophysical survey activities at the project during 2014.
During the Quarter, and following the recent corporate restructure, the Company
commenced a review of all available data associated with the project to determine the
best approach and strategy for any future exploration works.
Other Projects/Opportunities
The Company intends to proactively identify and review new project or asset acquisition
opportunities, initially targeting additional graphite projects, to enhance its project portfolio
and increase the overall value proposition of AGY. The Company will also consider other
mineral commodities to ensure it is best placed to deliver value and upside potential for all
its shareholders.
During the Quarter, following the closing of the Renounceable Rights Issue Offer and
subsequent Shortfall facility where the Company raised $41,094.57 in April 2014, the
Company entered into a capital raising engagement agreement with Capital and
Corporate Advisors Pty Ltd (CCA) for the purposes of placing the outstanding Shortfall
shares and recapitalising the Company with independent new professional and
sophisticated investors being introduced on the Company’s register.
The Company was pleased to advise it had successfully placed the 231,510,926 shortfall
shares at an issue price of $0.002 per share, raising $463,021.85 in July 2014. As per the CCA
engagement terms, the Company successfully raised an additional $300,000 through
convertible loan notes, with any conversion subject to shareholder approval. The Company
used the convertible loan note funds to repay its major shareholder Discovery Africa Limited
(ASX: DAF) $300,000 and is currently in the process of preparing a General Meeting to seek
shareholder approval to issue 50,000,000 fully paid ordinary shares at a deemed issue price
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Argosy Minerals Limited
ACN 073 391 189
Level 1, 12 Kings Park Road, West Perth, WA 6005
PO Box 44, West Perth, WA 6872
Ph: (08) 9226 4500 Fax: (08) 9226 4300
For personal use only
of $0.002 as full and final satisfaction of the remaining loan outstanding to DAF. The share
issue to DAF will be subject to any shareholder approvals required.
As part of the recapitalisation proposal, the Company appointed Mr Ranko Matic and Mr
Jerko Zuvela as new directors, whilst Mr Peter Lloyd and Mr Graham Walker resigned as
directors and Ms Melanie Leydin resigned as Company Secretary. Mr Frank Knezovic
remains as non-Executive Chairman and Mr Ranko Matic was appointed as Company
The Company lodged its Interim (half-yearly) Financial Report.
The Company relocated its registered, administrative, project and accounting offices to
Perth. The new address for all correspondence and contact details is as follows:Level 1, 12 Kings Park Road, West Perth WA 6005
PO Box 44, West Perth, WA 6872
Ph: 08 9226 4500
Fax: 08 9226 4300
Schedule of Tenements
The schedule of tenements held by the Company at the end of the quarter is shown below.
There were no tenements acquired or disposed of during the quarter.
Beneficial Percentage held
Continue the comprehensive review of all available data on the Erongo Graphite
Project to determine project strategy;
Continue to review and identify new project opportunities for possible acquisition to
enhance AGY project portfolio.
For further information:
Jerko Zuvela, Director
Ranko Matic, Director
Argosy Minerals Limited
T | +61 8 9226 4500
E | [email protected]
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Argosy Minerals Limited
ACN 073 391 189
Level 1, 12 Kings Park Road, West Perth, WA 6005
PO Box 44, West Perth, WA 6872
Ph: (08) 9226 4500 Fax: (08) 9226 4300