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Clayton Utz first to dig in after mining tax
Clayton Utz has advised Gindalbie Metals in what is the biggest capital raising since the federal Government announced its planned resource profits tax.
The New Lawyer
CLAYTON Utz has advised Gindalbie Metals in what is the biggest capital raising since the federal Government announced its planned resource profits tax. To continue reading the rest of this article, please log in. Create free account to get unlimited news articles and more! The capital raising is expected to raise between $175 million and $206 million for the development of the $2 billion Karara Iron Ore Project. Gindalbie has completed a $111.8m institutional placement bookbuild at 93c a share, a 20 per cent discount to the $1.26 the stock traded at before the raising was announced. As part of the share placement, joint venture partner and largest shareholder, Ansteel, is to raise between $63 million and $74 million and a share purchase plan to raise up to $20 million. Clayton Utz Perth corporate partner Mark Paganin led the transaction for Gindalbie. Capital raised will be used to finance Gindalbie Metals' share of the project's construction costs and fund Gindalbie Metals' equity share of the $430 million working capital requirements. "We are pleased to have been involved in the capital raising and to continue our role of providing advice on the financing of the Karara Iron Ore Project," Paganin said.
