Argo Exploration Limited (ASX:AXT) announced a private placement of 20,000,000 common shares at a price of AUD 0.02 per share for gross proceeds of AUD 400,000 on October 21, 2019. The transaction will include participation from new investor LC Capital Limited. Additionally the company issued 5,000,000 unlisted options exercisable at a price of AUD 0.05, expiring October 15, 2021. Post the transaction LC Capital Limited will hold 10% stake in the company. Pursuant to the transaction Jonathan Cheng of LC Capital Limited will join the board of the company.