Argonaut congratulates MZI Resources on Capital Raising
Argonaut has successfully received commitments for approximately A$45 million (gross) for MZI Resources following a share Placement and Share Purchase Plan (SPP) undertaken at $0.40 per share. Bell Potter was joint lead manager. The proceeds will support MZI’s ramp-up production at its Keysbrook Project with a strengthened balance sheet and simplified capital structure.
U.S. stocks finished little changed amid thin volumes following the Thanksgiving holiday.
At the close, the Dow was off 0.1%, the S&P 500 was flat and the NASDAQ was up 0.2%.
For Australian ADRs listed on the NYSE, BHP Billiton slipped 56 cents (2.03%) to $26.97, ResMed gained 48 cents (0.81%) to $60.02, Telstra Corporation remained flat at $19.33, Spark New Zealand fell 3 cents (0.28%) to $10.67 and Westpac declined 1 cent (0.04%) to $22.93.
Argonaut visited MZI Resources’ (MZI) Keysbrook mineral sands project last week. The standout observation from our tour of the mine and wet processing facility was the rate at which the project is ramping-up. Just one week since commissioning began, the wet concentration plant (WCP) is stringing together shifts at nameplate production. The Doral Mineral Separation Plant (MSP) at Picton (dry separation) also produced the first batch of saleable product last week. MZI is finalising a ~$45m equity raising at $0.40/sh which will be used to repay US$25.5m in bridging loans to Resource Capital Fund (RCF) as well as working capital to advance expansion and improved recovery studies. Argonaut maintains a BUY recommendation with a $0.73 target price.More >