Allion acts on golden offer
Sumatra Copper & Gold has made a $20 million non-renounceable entitlement offer to raise funds for general working capital and the development of the company’s Tembang Project in Sumatra, Indonesia.
![Allion acts on golden offer](/images/LW_Media_Library/Phil-Lucas-new1.jpg)
Firms: Allion Legal (Australian legal advisor to Sumatra Copper & Gold); Baker & McKenzie (International offering restrictions advisor); Simmons & Simmons (UK legal advisor to Sumatra Copper & Gold)
Deal: Sumatra Copper & Gold’s $20 million non-renounceable entitlement offer
Area: Equity capital markets
Value: $20 million
Key players: Principal Phil Lucas (pictured) led the Allion Legal team, with support from senior associate Michael Jools and solicitor Pasan Wijesuriya
Deal significance: The purpose of the capital raising was to raise funds for general working capital and the development of the company’s Tembang Project in Sumatra, Indonesia.
The deal, which was underwritten by Patersons Securities Limited, involved an entitlement offer in respect of CHESS Depositary Instruments representing ordinary shares in a UK publicly-listed company and was effected by a s708AA Offer Document and Cleansing Statement.
The head of the Allion Legal team, Phil Lucas, said: “We are delighted to have been able to act for Sumatra Copper & Gold plc in the context of this significant equity capital raising in respect of CDIs in challenging market conditions.”