Clayton Utz has advised Gindalbie Metals Ltd on its announced capital raising, which is expected to raise between $175 million and $206 million for the development of the $2 billion Karara Iron Ore Project.
Perth corporate partner Mark Paganin led the transaction, which includes a conditional $111.8 million share placement, a placement with joint venture partner and largest shareholder Ansteel to raise between $63 million and $74 million, and a share purchase plan to raise approximately $20 million.
The capital raised will be used to finance the company's share of the project's construction costs, and also fund Gindalbie Metals' equity share of the $430 million working capital requirements.
"We are pleased to have been involved in the capital raising and to continue our role of providing advice on the financing of the Karara Iron Ore Project," said Paganin.
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