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Brisbane firm acts on golden capital raising
Law firm HopgoodGanim has advised Norton Gold Fields on its $20 million capital raising, allowing the Australia-listed miner to settle a hedge dispute with the administrators of the failed Lehman Brothers.
The New Lawyer
LAW firm HopgoodGanim has advised Norton Gold Fields on its $20 million capital raising, allowing the Australia-listed miner to settle a hedge dispute with the administrators of the failed Lehman Brothers.
The Brisbane law firm advised Norton on the private placement of just under 80 million shares to Hong Kong company China Precious Metal Resources Holdings in the deal. The placement, at 25 cents per share, equals approximately 14.6 per cent of the Australian gold producer’s capital. The placement raised just under $20 million before costs. According to HopgoodGanim partner Michele Muscillo, who led the team advising on the transaction, this placement strengthens Norton Gold Fields’ balance sheet. “The shares were issued to China Precious Metal Resources Holdings at a 34 percent premium, which is a great result for Norton Gold Fields. This transaction demonstrates the continuing interest of foreign investors in Australia’s resources industry”. Norton Gold Fields chairman, A. McLellan, said: "This raising further strengthens the company's balance sheet and gives us some flexibility going forward in both operational and corporate aspects of the business.” The Lehman-related dispute was due to be heard this month in a US bankruptcy court.
