Clayton Utz advising on $43.2m placement by West African Resources
National firm Clayton Utz is advising Euroz and Sprott on a placement that forms part of a debt and equity funding package that was announced to the ASX earlier this week.
Firm: Clayton Utz (Euroz Securities Limited, Sprott Capital Partners)
Deal: Euroz and Sprott will be as joint lead managers, underwriters and bookrunners to West African Resources Limited’s $43.2 million placement, which forms part of the company’s $326 million debt and equity funding package announced to the ASX this Wednesday.
Value: $43.2 million
Key players: The Clayton Utz team is being led by partner Mark Paganin, who is being supported by special counsel Stephen Neale and lawyers Benjamin Depiazzi and Matt Johns.
Deal significance: The placement will be undertaken as a single tranche of approximately 173 million shares at $0.25 per share and the shares will be issued to eligible sophisticated, professional and other institutional investors, the firm noted in a statement.
Upon completion of the fundraising, West African Resources will be fully-funded through to gold production at the company’s Sanbrado Gold Project in Burkina Faso, Clayton Utz said.