Bakers, Clean TeQ exceed capital target for minerals project

By Jerome Doraisamy|12 March 2018

Baker McKenzie advised Clean TeQ Holdings on a $150 million capital raise. 

Firm: Baker McKenzie (Clean TeQ Holdings)

Deal: Bakers last week announced it had advised Clean TeQ on its underwritten institutional placement to raise $150 million and issue a share purchase plan.

The placement was, the firm said, heavily oversubscribed and resulted in demand “significantly exceeding” the $150 million underwritten amount.

“An expedited development timetable will provide Clean TeQ with the opportunity to commence production of high purity cobalt and nickel sulphate approximately 12 months earlier than previously contemplated, allowing it to take advantage of rapidly growing markets for these critical inputs into the lithium ion battery industry,” the firm said.

Macquarie Capital (Australia) and BMO Capital Markets acted as joint lead managers, underwriters and bookrunners for the placement.

Value: In excess of $150 million

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Area: Capital Markets

Key players: Bakers partner Richard Lustig led the transaction, and was assisted by solicitors Caroline Tait, Rick Troiano, Andrew Reilly and Paul Anderson.

Deal significance: “Our client, Clean TeQ Holdings Limited, is the owner of the highly regarded Sunrise Project in NSW,” Mr Lustig said.

“The project is one of the highest grade and largest nickel and cobalt deposits outside of Africa and is one of the largest and highest grade scandium deposits in the world.”

The proceeds raised will be used, Bakers said, to fund early works and long lead items in order to accelerate the development of Clean TeQ’s 100 per cent-owned Sunrise minerals operations, located 350km west of Sydney.

Bakers, Clean TeQ exceed capital target for minerals project
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