Brisbane-based law firm HopgoodGanim has advised ASX-listed MetroCoal Limited on the placement of 32 million shares to Chinese coal group DADI Engineering Development, raising $24 million before costs.
Upon completion of the placement, DADI will hold 15 per cent of shares in MetroCoal and will nominate a representative to sit on MetroCoal’s board.
HopgoodGanim also recently advised MetroCoal on an agreement with Tenement to Terminal Limited (T3L), which gives the junior coal explorer the capacity to export up to 15 million tonnes of coal annually from a proposed new terminal at Gladstone.
According to partner Michael Hansel, who led the team at HopgoodGanim advising on the placement and capacity agreement, these transactions are an important part of MetroCoal’s plans to export coal from the Southern Bowen and Surat Basins.
“MetroCoal is committed to ongoing expansion and development, and these agreements illustrate the benefit for mining companies of partnering with others in the industry to achieve their goals for growth,” he says.
HopgoodGanim has advised MetroCoal since its incorporation, including advising on its ASX listing and IPO in 2009.
Shares in Metallica Minerals Limited jumped more than 8 per cent last week after the diversified minerals developer announced the $24m placement of the 45 per cent owned associate, Metrocoal.
In the six months to the 31 December 2010 Metallica Minerals booked a net loss of $3.2 million.