Clayton Utz has advised Brazilian integrated steel manufacturer Companhia Siderurgica Nacional (CSN) on the rights offer and placement of Australian-listed Riversdale Mining, advised by Allens, in which CSN is a cornerstone investor.
Under Riversdale Mining's fully underwritten $337 million capital raising, CSN has subscribed to shares valued at approximately $52.6 million.
In late 2009, Clayton Utz advised CSN on its initial investment in Riversdale Mining, which equated to around 16 per cent of the total shares in the company.
Clayton Utz's national mergers & acquisitions practice head John Elliott, with senior associate Adrian Beerworth, advised CSN on both transactions.
The capital raising by Riversdale Mining will facilitate accelerated development of its Benga Coal Project.