Allens acts for Riversdale Mining on $337 million capital raising
16 July 2010
Allens Arthur Robinson (Allens) is acting for Riversdale Mining Limited (Riversdale) on a $337 million capital raising.
The capital being raised will facilitate the accelerated development of stages two and three of the premium coking and thermal coal Benga Coal Project, based in the Tete Province, Mozambique.
The transaction – at a fixed offer price of $9.40 per share – comprises a $102 million fully underwritten institutional placement and a 1-for-8 fully underwritten accelerated non-renounceable pro-rata entitlement offer to all eligible shareholders.
The entitlement offer involves an institutional component of approximately $165 million and a retail component of approximately $70 million.
Allens, led by Partner and Co-Head of Equity Capital Markets Stuart McCulloch, advised Riversdale on all aspects of the capital raising.
'This capital raising is strategically very important and Riversdale's strengthened balance sheet and coal resources should position it to develop into a leading and internationally competitive coal producer,' said Mr McCulloch.
'We were pleased to work with Riversdale, drawing upon our experience in significant capital raisings such as this, and our experience in the resources sector.'
| Allens legal team | Stuart McCulloch (Partner and Co-Head of Equity Capital Markets – Sydney), Robert Speed (Senior Associate – Sydney), Robert Kerr (Senior Associate – Sydney), Kirsty Moore (Lawyer – Sydney), Andrew Ta (Law Graduate – Sydney) and Rola Lin (Law Graduate – Sydney) |
Ends
For further information, please contact:
- Jane FoleyManager, Marketing Communications,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@allens.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.