Clayton Utz is acting for Euroz Hartleys Limited and Sprott Capital Partners LP as joint lead managers and bookrunners to the $126.39 million placement by ASX listed West African Resources Ltd (ASX: WAF). The capital raising was announced to the market today.
Corporate partner Mark Paganin and special counsel Stephen Neale are leading our team, with key support from Banking and Finance partner Rohan Mishra.
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.
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.
In December 2018, Mark and Stephen led a team in advising Euroz Securities Limited and Sprott Capital Partner as joint lead managers, underwriters and bookrunners to West African Resources’ $43.2 million placement