Allens is acting for Western Desert Resources Limited, a resources company that has identified advanced prospects in iron ore, gold and copper in the Northern Territory, on a capital raising of about A$102.5 million.
The law firm said the capital raising comprises an institutional placement of shares and options to a number of investors, and a one- for-10 traditional non-renounceable entitlement offer to eligible shareholders of Western Desert in Australia and New Zealand.
The capital raising proceeds will be used to fund the development of the company’s major project, the Roper Bar iron ore project, into production.
Melbourne-based Partner Robert Pick, co-head of Allens' Capital Markets group, is leading the Allens team.
Western Desert Resources has been in the news in recent weeks after traditional owners of the area in the Limmen National Park raised concerns that the mining company’s 160 kilometre road to open up mining in the area will be too close to the Four Arches sacred site.
The Northern Territory government said it will ensure the dirt road will not disturb the sacred site.
“We will not allow the road, or any proposed development, to affect iconic areas,” Resources Minister Kon Vatskalis told media.
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