Clutz advises on Mungana Gold IPO

Clayton Utz has advised Southern Cross Equities Limited as sole lead manager of the $76 million Initial Public Offering (IPO) of Mungana Goldmines Limited.Corporate partner Brendan Groves led…

Lawyers Weekly • 05 May 2010 • Big Law

Clayton Utz has advised Southern Cross Equities Limited as sole lead manager of the $76 million Initial Public Offering (IPO) of Mungana Goldmines Limited.

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Corporate partner Brendan Groves led the team advising Southern Cross on the transaction, which involves the transfer by Australian resources group Kagara Limited of its North Queensland gold assets to Mungana Goldmines.

Under the IPO, 80 million new shares in Mungana are being offered at an issue price of 95 cents per share. Once it is listed in the ASX, Mungana will have a market capitalisation of $149.2 million at the IPO issue price.

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Kagara will retain a 49 per cent stake in Mungana Goldmines, while China's Guandong Foreign Trade Group will acquire a 16 per cent stake.

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