Gindalbie Metals launches capital raising

Clayton Utz has advised Gindalbie Metals Ltd on its announced capital raising, which is expected to raise between $175 million and $206 million for the development of the $2 billion Karara Iron…

Lawyers Weekly • 18 May 2010 • Big Law

Clayton Utz has advised Gindalbie Metals Ltd on its announced capital raising, which is expected to raise between $175 million and $206 million for the development of the $2 billion Karara Iron Ore Project.

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Perth corporate partner Mark Paganin led the transaction, which includes a conditional $111.8 million share placement, a placement with joint venture partner and largest shareholder Ansteel to raise between $63 million and $74 million, and a share purchase plan to raise approximately $20 million.

The capital raised will be used to finance the company's share of the project's construction costs, and also fund Gindalbie Metals' equity share of the $430 million working capital requirements.

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"We are pleased to have been involved in the capital raising and to continue our role of providing advice on the financing of the Karara Iron Ore Project," said Paganin.

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