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Capital raising for zirconia project launched

Capital raising for zirconia project launched

Roger Davies, Ashurst

Alkane Resources has launched an entitlement offer to help fund the development of the Dubbo Zirconia Project, with assistance from a global firm.

Firms: Ashurst (Alkane Resources Ltd)

Deal: Alkane Resources Ltd made a $16 million traditional non-renounceable pro rata entitlement offer with Petra Capital Pty Ltd as the lead manager.

Value: $16 million

Area: Equity capital markets

Key Players: The Ashurst team was led by partner Roger Davies (pictured).

Deal Significance: Alkane Resources Ltd (Alkane) made a 1 for 5 traditional non-renounceable pro rata entitlement offer to raise $16 million.

Petra Capital Pty Ltd is the lead manager on the entitlement offer, which was announced on Tuesday 26 April 2016 and is expected to be completed in late May.

The offer is part of the funding arrangements to progress the development of the Dubbo Zirconia Project (DZP), which is a $1 billion world-class deposit of zirconium, hafnium, niobium and rare earths in Dubbo, NSW.

Ashurst lead partner Roger Davies said: “We are pleased to have advised Alkane on this important equity raising, which demonstrates the strong progress it is making on developing the significant DZP”.

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