5 Apr 2024capital raising announcement● Neutral
Alamos closed the C$50 million private placement into Argonaut announced with the acquisition, buying 174,825,175 Argonaut shares at C$0.286 each, about 13.8% of Argonaut. Argonaut will use the money for its immediate liquidity needs related to its loan facilities and operations, including the Magino mine, with no more than C$10 million going to its US and Mexican assets. This is a first step in the pending Argonaut acquisition, which is not yet complete. The shares are subject to a four-month resale restriction in Canada.