Argonaut Congratulates Gascoyne on a Highly Successful Capital Raising

Argonaut Congratulates Gascoyne on a Highly Successful Capital Raising.
Argonaut acted as Joint Lead Manager to successfully raise A$21.5 million for Gascoyne Resources Limited (ASX:GCY) (“Gascoyne” or “the Company”).


Morning Notes

The Dow Jones Industrial Average and S&P 500 edged higher Friday to extend their rebound as stocks showed firm signs of regaining their footing after tumbling earlier this month. The blue-chip index gained 4.3% over the past five trading days to notch its best week since President Donald Trump's election, while the S&P 500's 4.3% move upward was its biggest weekly jump since 2013. The indexes were on pace for an even bigger rally, but they pared gains--and Nasdaq Composite turned lower--Friday afternoon when a Russian organization and several individuals were charged with interfering in the U.S. electoral process. Still, the Nasdaq had risen enough earlier in the week to add 5.3%, its biggest gain in seven years. Jitters about the threat of rising inflation subsided this week, as many investors said strong economic growth and robust corporate profits should support major indexes' move higher, similar to the sentiment for much of last year. The Dow industrials added 19 points, or less than 0.1%, to 25,219, despite rising as much as 232 points earlier in the day. The S&P 500 gained 1.02 points, or less than 0.1%, to 2732.22, while the Nasdaq declined 16.96 points, or 0.2%, to 7239.47. The U.S. gold price finished the week of slightly lower, falling 0.5% at 1346.50 US$/oz.

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Latest Research

A $70m capital raising underway will help fund a number of acquisitions and allow PGC to continue effecting its consolidation strategy. The new businesses are expected to be accretive to earnings and we believe the integration risks are mitigated to a degree by successful execution to date. We maintain a buy call on a $1.20 valuation (prior $1.15).

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