West African Resources Ltd’s $126.39 Million Capital Raising

Clayton Utz acted for the joint lead managers and bookrunners in connection with West African Resources Ltd’s placement.

West African Resources Ltd. (ASX:WAF) announced a capital raise of $126.39 million. 

The placement will be undertaken in two tranches of up to approximately 101.11 million shares at $1.25 per share.  The first tranche is an unconditional institutional placement of 101 million shares, and the second tranche is a placement of 0.112 million shares to directors of West African Resources.  West African Resources is also conducting a share purchase plan to eligible shareholders at an issue price of $1.25 to raise up to $10 million.  

Euroz Hartleys Limited and Sprott Capital Partners LP acted as joint lead managers and bookrunners.

West African Resources will use the proceeds of the raising to support the initial payments for its acquisition of 90% of the Kiaka Gold Project in Burkina Faso, the final cash payment under its previous Toega acquisition and to fully repay an outstanding debt under a syndicated finance facility.

The Clayton Utz team consisted of Corporate partner Mark Paganin (Picture) and special counsel Stephen Neale, with key support from Banking and Finance partner Rohan Mishra.

 

Involved fees earner: Rohan Mishra – Clayton Utz; Mark Paganin – Clayton Utz; Stephen Neale – Clayton Utz;

Law Firms: Clayton Utz;

Clients: Euroz Securities; Sprott Capital Partners;

Author: Sonia Carcano