Ashurst has advised Mincor Resources NL on its A$60 million capital raising.
The fully underwritten two tranche placement of new fully paid ordinary shares in Mincor (Shares) is to raise approximately $50 million (Placement) and a non-underwritten share purchase plan to raise approximately $10 million (SPP).
Euroz Securities Limited and Macquarie Capital (Australia) Limited are acting as joint lead managers and underwriters with respect to the Placement.
The first tranche of the Placement will utilise Mincor’s existing placement capacities under ASX Listing Rules 7.1 and 7.1A. The second tranche of the Placement is subject to obtaining Mincor shareholder approval at a general meeting to be held in early August 2020. Existing strategic shareholder, IGO Limited, has committed to subscribe for $13.0 million worth of Shares under the Placement, to increase its current shareholding in Mincor to approximately 8% (subject to shareholder approval being obtained).
The Capital Raising is an important step in the development of Mincor’s Kambalda Nickel Operations.
The Ashurst team was led by partners Roger Davies (Picture) and Antonella Pacitti and supported by lawyers Jacob Carmody, Benjamin Thomas and Tom Carmody.
Law Firms: Ashurst;
Clients: Mincor Resources NL;