HopgoodGanim has advised ASX-listed MetroCoal Limited on a million dollar share placement to a Chinese coal group.
The placement of 32 million shares to Chinese coal group DADI Engineering Development, raised $24
million before costs.
Upon completion of the placement, DADI - which was advised by its in-house lawyers in China - will hold 15 percent of shares in MetroCoal and will nominate a representative to sit on MetroCoal's board.
HopgoodGanim also recently acted for MetroCoal on an agreement with Tenement to Terminal Limited (advised by McCullough Robertson) which gives the junior coal explorer the capacity to export up to 15 million tonnes of coal annually from a proposed new terminal at Gladstone.
According to partner Michael Hansel, who led the HopgoodGanim team, these transactions are an important part of MetroCoal's plans to export coal.
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