4 May 2021 07:00
4 May 2021
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
Result of General Meeting
On 7 April 2021 Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin announced that the Company had conditionally raised US$550,000 through a subscription by certain new shareholders and Ian Thomson, Executive Chairman of the Company. The Fundraise was conditional on the passing of the Resolutions at a General Meeting. The Company is pleased to announce that the General Meeting was held in the Falkland Islands on Friday 30 April 2021 and all Resolutions were duly passed by Shareholders.
The Company announced on 27 April 2021 that the Falkland Islands Government has extended the second term of the Company's PL001 Licence by twelve months, to 1 May 2022. Following successful completion of the Fundraise, the Company intends to secure partners and commence exploration drilling as soon as possible.
Application has been made for the Subscription Shares to be admitted to trading on AIM ("Admission") and Admission is expected to take place on 5 May 2021.
Following Admission of the Subscription Shares, which rank pari passu to the Existing Ordinary Shares, the Company will have 235,141,206 ordinary shares of 2p each Ordinary Shares in issue, all of which have voting rights. Accordingly, this figure of 235,141,206 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Subject to Admission occurring, all conditions associated with the Fundraise have now been satisfied and the net proceeds of the Fundraise, together with the Company's existing cash resources, will provide Argos with sufficient working capital until at least 1 May 2022.
Further details on the Fundraise are set out in the Circular dated 7 April 2021, which is available on the Company's website at www.argosresources.com. Capitalised terms in this announcement are as defined in the Circular.
For further information:
Argos Resources Limited (+500 22685)
www.argosresources.com
Ian Thomson, Chairman
John Hogan, Managing Director
Cenkos Securities PLC
Neil McDonald (+44 131 220 6939)
Derrick Lee (+44 131 220 9100)