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Argonaut Congratulates Gage Roads Brewing Co. Ltd on the Highly Successful Acquisition of Matso's Broome Brewery and Equity Raising

Argonaut acted as Financial Advisor to Gage Roads for the $16 million acquisition of Matso’s Broome Brewery, the iconic West Australian flavoured beer brand owned by the Peirson-Jones family. Argonaut provided key negotiation and transaction execution support and has helped deliver a strategic and highly accretive benefit to Gage Roads shareholders.

Argonaut also acted as Lead Manager to successfully raise A$10 million for Gage Roads Brewing Co Ltd (ASX:GRB) (“Gage Roads” or “the Company”). The Company raised funds from existing and new institutional and professional investors by way of a Placement at an issue price of A$0.085 per share. The Placement was heavily oversubscribed with significant demand generated from new leading institutional investors. Eligible existing shareholders will be able to participate in a Share Purchase Plan to raise $2 million at the same issue price as the Placement.

The Placement in conjunction with the $2 million Share Purchase Plan will raise Gage Roads up to $12 million to be applied towards Gage Roads’ acquisition of Matso’s Broome Brewery Pty Ltd. The balance of the acquisition will be funded by existing cash reserves.

Commenting on the Placement, Gage Roads’ Managing Director, John Hoedemaker, said:

We are delighted by the success of the Placement which attracted very strong support from leading institutional investors. We welcome the new high quality institutional investors to Gage Roads’ register and look forward to their and our existing shareholders’ support as we complete the acquisition of Matso’s and continue to deliver on our 5-year proprietary brand strategy.

Argonaut is delighted to continue to provide support to Gage Roads and looks forward to our ongoing work with the Company.

Additional information regarding Gage Roads can be found on the Company’s website at www.gageroads.com.au.