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Gold Road embarks on capital raising
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Exclusive: Founding principals set sail for long-standing Aus firm:

Gold Road embarks on capital raising

Mark Paganin, Clayton Utz

Two national firms have advised on Gold Road Resources Limited’s $74 million capital raising.

Firms: Clayton Utz (Macquarie Capital Australia Limited and Argonaut Securities Pty Limited); Corrs Chambers Westgarth (Gold Road Resources Limited)

Deal: Gold Road Resources Limited is raising $74 million with Macquarie Capital Australia Limited and Argonaut Securities Pty Limited as joint lead managers.

Value: $74 million

Area: Capital raising

Key players: The Clayton Utz team was led by corporate partner Mark Paganin (pictured) and senior associate Stephen Neale, with support from lawyer Thomas Parker.

Deal significance: ASX-listed Gold Road Resources Limited is raising $74 million, with Macquarie Capital Australia Limited and Argonaut Securities Pty Limited as joint lead managers.

The raising comprises a $43 million share placement to institutional and sophisticated investors, undertaken via an institutional bookbuild, and an accelerated one for 10 non-renounceable entitlement offer at the same price as the placement ($0.44) to raise total proceeds of $31 million.

The transaction was announced to the market on 27 April.

The share placement and institutional component of the entitlement offer was successfully completed on 29 April.

The retail component of the entitlement offer opened on 3 May.

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