find the latest legal job
Monash University Director Workplace Relations
Category: Industrial Relations and Employment Law | Location: All Melbourne VIC
· Exceptional senior leadership role
View details
Personal Injury Lawyer - Melbourne Eastern Suburbs - 2-5 years PAE
Category: Personal Injury Law | Location: Lilydale VIC 3140
· Fulfilling role as part of a small team in a positive workplace
View details
Legal Counsel
Category: Banking and Finance Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· In-house opportunity · Be part of our engine for success in a high growth business
View details
Trainer/Assessor Diploma of Legal Services
Category: Other | Location: Liverpool NSW 2170
· 3 Days Per Week · 9am - 4pm
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Adelaide CBD · Join a leading Adelaide commercial law firm
View details
Minters, Freehills, act on mining capital raising

Minters, Freehills, act on mining capital raising

Australian miner Ivanhoe has announced a capital raising, with the company going into a pre-market trading halt.

AUSTRALIAN miner Ivanhoe has announced a capital raising, with the company going into a pre-market trading halt.

Minter Ellison is advising Ivanhoe Australia on the deal, while Freehills is acting for UBS AG, Australian Branch and Morgan Stanley Australia Securities Limited.

The miner is raising a minimum of about $213 million to fund its Osbourne acquisition, develop the Merlin Project, to partially repay debt and to fund ongoing exploration and development.

The miner told the ASX that the trading halt was in relation to an accelerated non-renounceable entitlement offer of ordinary shares and options.

“The trading halt is necessary as otherwise trading in IVA ordinary shares may take place in an uninformed market and to allow the institutional component of the entitlement offer to take place in an orderly fashion,” the company said in a statement to the ASX.

The capital raising has been structured as a 1-for-4 accelerated non-renounceable entitlement offer to raise up to approximately $231 million at $2.88 per new share.

Subject to sufficient demand, Ivanhoe may go ahead with an institutional placement of up to a further $38 million at $2.88 per new share.

Under the terms of the offer, one free option will also attach to every two shares issued. Each free option is exercisable at a strike price of $3.38 at any time before 20 September 2011.

Freehills partner Philippa Stone said: “The free option provides investors with the benefit of any upside and also gives the company a potential source of future funding.”

Freehills’ Stone is supported by lawyers Ivan Yu and Carl Hornigold.

Freehills also acted for the underwriter in Ivanhoe Australia’s initial public offering in 2008.

Promoted content
Recommended by Spike Native Network