Argonaut congratulates Marindi Metals on Capital Raising
Argonaut as Lead Manager has been successful in raising of A$2.03 million for Marindi Metals Limited (ASX: MZN) (“Marindi”) to existing shareholders and new sophisticated and professional investors of 203,000,000 new ordinary shares at an issue price of A$0.01 per share. The company has also launched a Shareholder Purchase Plan (“SPP”) to raise an additional $1M.
The rout in U.S. stocks deepened Monday as the aftershocks of the U.K.'s vote to leave the European Union rippled through financial markets. Major U.S. stock indexes that recently were approaching record highs have erased weeks of gains in the past two sessions. Questions about the impact of the U.K.'s departure added to persistent concerns about the world's economy and the ability of policy makers to stoke growth and inflation. Investors and analysts said the fallout could include lower growth, lower interest rates and a stronger dollar that could pressure exporters' profits. The only two sectors to rise in the S&P 500 were utilities and telecom, which are often used as a proxy for bonds. Investors have poured into the relative safety of such dividend-paying stocks, sending utility shares up 17% in 2016 and telecom shares up 18%.More >
Argonaut recently visited Independence Group’s (IGO) Nova development site. The project remains on track for first concentrate production in December 2016. All major construction components are either on site or in the country. The exploration drill drive on the 2030RL is now in place enabling underground grade control and exploration drilling. The Tropicana Long Island Study is due for release early Q3 CY16 and has potential to significantly extend the assets mine life. Argonaut maintains a BUY recommendation with a $3.40 target price.More >