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Ashurst and Allens act on golden placement
Ashurst has advised Kula Gold Limited on a $5 million capital raising to fund further exploration and working capital.
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Firms: Ashurst (Kula Gold Limited); Allens (JLM:CBA Equities and Canaccord Genuity)
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Deal: Capital raising by way of placement and share purchase plan Area: Corporate Value: $5 million plus proceeds of share purchase plan
Key players: Murray Wheater (Sydney) and Stuart Rubin (Hong Kong on US securities law) led for Ashurst
Deal significance: KGD has announced the successful completion of a share placement of $5 million made to sophisticated and institutional investors. KGD has also announced that it will implement a share purchase plan for an unspecified amount. The proceeds will be used for further exploration and working capital. According to Wheater: “Kula Gold's ability to raise these funds in a very difficult market is a testament to the quality of the Woodlark Island gold project and Kula's management.”
