Argonaut acted as Joint Lead Manager and Joint Underwriter to successfully raise A$24.5 million for Gascoyne Resources Limited (ASX:GCY) (“Gascoyne” or the “Company”). The Company raised funds from Australian and international institutional and professional investors by way of a $3.86 million Placement (“Placement”) and $20.61 million 4 for 5 non-renounceable fully underwritten entitlement offer (“Entitlement Offer”) at an issue price of A$0.05 per share. The Placement was oversubscribed.
Gascoyne has confirmed that funds raised pursuant to the Placement and Entitlement Offer will be used to support the planned operational improvement programs focused on increasing material movements and mined grade, payments to contractors as well as for general working capital.
Argonaut is delighted to continue to provide support to Gascoyne and looks forward to our ongoing work with the company.
Additional information regarding Gascoyne can be found on the company’s website at www.gascoyneresources.com.au.
