Argonaut has been successful in raising A$31.6 million (gross) for Austin Engineering Limited via an Accelerated Entitlement in 2015 and a A$30 million Institutional Placement in 2013. Austin Engineering is an Australian engineering company supplying customised mining equipment to large mining companies and manufacturers globally. The proceeds raised by Argonaut were used to reduce existing debt, strengthen the company’s financial balance sheet, and for general working capital. All capital raising was oversubscribed with strong support from international and domestic institutional and sophisticated investors.

Austin Engineering Limited (ASX:ANG) is focused on creating technology and equipment that can help improve productivity and maximise profit. Their designs allow for cost-effective yet highly efficient and safe manufacturing and processing. Austin Engineering has plants in Australia, North America, Indonesia and South America, enabling them to conduct research and development on different areas needed to improve their design ideas and produce better-customised equipment on a global scale. The Company also provides on and off-site repair and maintenance as well as transportation of heavy equipment.