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Blakes acts on $117m capital raising

Blakes acts on $117m capital raising

Blake Dawson has acted on Atlas Iron Limited's major capital raising._x000D_ _x000D_

BLAKE Dawson has acted on Atlas Iron Limited's "significant placement" to institutional investors of $105 million, together with a share purchase plan to eligible shareholders of up to $11.7 million. 

Funds from the $116.7 million capital raising will be used to expand and develop the company's 100 per cent owned Pilbara iron ore projects, including an increase in production at its Pardoo direct shipping ore (DSO) project, as well as the start of production at Atlas' Wodgina and Abydos DSO projects.

Shares under the placement will be issued at $1.39 per share, which represents an 11 per cent discount to the 30 day weighted average price of Atlas' shares. 

Blakes' lead lawyers on the deal include Chadwick Poletti, Ben Secrett and Patrick Nicholas. Lead partner Murray Wheater, from the firm's corporate practice, said the placement was impressive given the difficult market for resource stocks. 

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