Galaxy Resources Limited’s A$161 Million Capital Raising

Ashurst advised Galaxy Resources Limited on the deal.

The equity financing comprises a 1 for 14 fully underwritten pro rata accelerated non-renounceable entitlement offer to raise approximately A$50 million and a concurrent institutional placement to raise approximately A$111 million.

The institutional component of the entitlement offer and the placement closed on Wednesday 25 November, raising A$124 million. There was strong demand under the institutional offer and approximately 92% take-up by eligible existing institutional shareholders. The retail component of the entitlement offer is due to open on Tuesday, 1 December 2020.

The Ashurst team was co-led by partners Roger Davies (Picture) and Antonella Pacitti, assisted by senior associates Ben Stewart and Christopher Barry and lawyers Jacob Carmody, Toby Newnes, Benjamin Thomas, Joe Ablitt and Meng Yeow Lim.

Involved fees earner: Joe Ablitt – Ashurst; Christopher Barry – Ashurst; Jacob Carmody – Ashurst; Roger Davies – Ashurst; Toby Newnes – Ashurst; Antonella Pacitti – Ashurst; Ben Stewart – Ashurst; Benjamin Thomas – Ashurst;

Law Firms: Ashurst;

Clients: Galaxy Resources Limited;

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Author: Michael Patrini