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Freehills and Minter Ellison advise on mineral raising
Freehills and Minters have advised on an equity capital raising of an Australian-based minerals exploration and development company.Ivanhoe Australia's equity capital raising was launched to…
Lawyers Weekly
Freehills and Minters have advised on an equity capital raising of an Australian-based minerals exploration and development company.
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Ivanhoe Australia's equity capital raising was launched to raise $180 million to further develop its Merlin and Osborne projects, funding further exploration and repaying an outstanding loan.
The company's key projects are in the Cloncurry district in Queensland, near Mount Isa, and include the Merlin project and Osborne Copper and Gold project.
The institutional placement component of the capital raising will raise approximately $88 million from the issue of around 63 million new shares at $1.39 per share.
Ivanhoe Australia expects to raise a further $92.6 million through the issue of over 66 million shares (at $1.39 per share) to its largest shareholder, Canadian-listed Ivanhoe Mines Ltd.
Sydney based Minters corporate special counsel, Ashley Dayman, led the team advising Ivanhoe Australia. Dayman was assisted by Melbourne corporate partner Jeremy Blackshaw and lawyer Sherene Till.
Minters also acted for the company on its IPO and listing on the ASX in 2007.
Freehills acted for the underwriters (UBS AG, Australian branch, and Morgan Stanley Australia Securities Limited) with corporate partner Philippa Stone and solicitor Lucy Hall involved.
