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Multimillion-dollar funding package receives green light

Multimillion-dollar funding package receives green light

Green light, go signal

Clayton Utz has advised three parties as part of a multimillion-dollar funding package.

Firm: Clayton Utz (Euroz Securities Limited, Paradigm Capital Inc and Numis Securities Limited); Undisclosed (Heron Resources Ltd)

Deal: Euroz Securities Limited, Paradigm Capital Inc and Numis Securities Limited have been advised as lead managers in connection with a $32 million institutional placement by ASX-listed Heron Resources Ltd as part of a multimillion-dollar funding package.

Value: $240 million

Area: Finance

Key players: The legal team advising the lead managers was led by Clayton Utz corporate partner Mark Paganin and senior associate Stephen Neale, with assistance from lawyer Benjamin Depiazzi.

Deal significance: “The institutional placement is to sophisticated and professional investors, undertaken via an institutional bookbuild. Euroz Securities Limited is the global co-ordinator and bookrunner to the institutional placement,” according to a statement from Clayton Utz.

“Heron’s funding package also comprises a loan, equity and stream funding package from subsidiaries of Orion Mine Finance Group for a total of $129 million, an equity subscription agreement with a subsidiary of Greenstone Resources LP and co-investment parties for $42 million, an equity subscription agreement with Castlelake LP for $33 million, and a share purchase plan to existing shareholders to raise up to $5 million.”

 

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