Argonaut Resources shares (ASX:ARE) have plummeted to an unprecedented low, suffering as much as a 34% hit to reach a record low price of A$0.066.

The exploration company intends to raise A$3.66 million through a fully underwritten, non-renounceable pro-rata entitlement offer.

The offer price has been set at A$0.05 per new share, a staggering 50% discount to the stock’s last known closing price.

This significant drop makes for Argonaut’s biggest intraday fall since September 15 of the previous year.

Fact check reveals an extreme decline in the Argonaut stock down by as much as 50% Year-To-Date, as recorded at the last closing.

Argonaut Resources (ASX:ARE) is an exploration company focusing on mining.