Blake Dawson has acted for Caledon Resources, an AIM and ASX dual listed coal producer, which has placed approximately $76.7 million with institutional investors at an issue price of $1.42 per share.
The placement will be made in two tranches, with the second tranche subject to shareholder approval for the purposes of ASX Listing Rule 10.11.
The placement proceeds will be used, in part, to repay loans (including accrued interest and associated fees and expenses) due to Polo Resources Limited, to provide working capital to cater for business interruptions caused by flooding in Queensland and to meet the company's funding obligations for the Wiggins Island Coal Export Terminal prior to the project's financial close scheduled for April 2011.
The Blakes team was led by Simon Brown, with the assistance of Richard Flynn and Stephanie Papadopoulos.
Corrs Chambers Westgarth acted as Australian legal advisers to joint lead managers RBC Capital Markets, while Stikeman Elliott LLP was the UK legal advisers to RBC. Minter Ellison acted as Australian legal advisers to Polo Resources Limited, a substantial holder, while Charles Russell LLP acted as UK legal advisers to Polo.