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Euroz brokers ERA’s $476m capital raising
Clayton Utz has advised Euroz on Energy Resources of Australia’s $476 million capital raising.
Tony Zhang
Firm: Clayton Utz (Euroz Securities Limited)
Deal: Clayton Utz has advised Euroz Securities Limited as broker in connection with a successful $476 million capital raising by ASX-listed Energy Resources of Australia Ltd (ERA). The raising was announced on 15 November 2019 and completed this Wednesday.
Value: $476 million.
Area: Venture capital.
Key players: Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale led the firm’s team.
Deal significance: The raising comprised a 6.13 for 1 pro rata renounceable entitlement offer. Euroz Securities Limited conducted the shortfall bookbuild to institutional and sophisticated investors under the entitlement offer.
ERA will use the proceeds of the raising for the purpose of funding the rehabilitation of the Ranger Project Area.
ERA’s chief executive, Paul Arnold, said: “We now look forward to delivering on the successful rehabilitation of the Ranger Project Area. As we have said previously, this is our strategic priority and we believe it will demonstrate ERA’s commitment to long-term sustainable operations in the region, creating a lasting, positive legacy and supporting the prospect of any future growth opportunities for the company.”
