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Bakers, Clean TeQ exceed capital target for minerals project
Baker McKenzie advised Clean TeQ Holdings on a $150 million capital raise.
Jerome Doraisamy
Firm: Baker McKenzie (Clean TeQ Holdings)
The placement was, the firm said, heavily oversubscribed and resulted in demand “significantly exceeding” the $150 million underwritten amount.
“An expedited development timetable will provide Clean TeQ with the opportunity to commence production of high purity cobalt and nickel sulphate approximately 12 months earlier than previously contemplated, allowing it to take advantage of rapidly growing markets for these critical inputs into the lithium ion battery industry,” the firm said.
Macquarie Capital (Australia) and BMO Capital Markets acted as joint lead managers, underwriters and bookrunners for the placement.
Value: In excess of $150 million
Area: Capital Markets
Key players: Bakers partner Richard Lustig led the transaction, and was assisted by solicitors Caroline Tait, Rick Troiano, Andrew Reilly and Paul Anderson.
Deal significance: “Our client, Clean TeQ Holdings Limited, is the owner of the highly regarded Sunrise Project in NSW,” Mr Lustig said.
“The project is one of the highest grade and largest nickel and cobalt deposits outside of Africa and is one of the largest and highest grade scandium deposits in the world.”
The proceeds raised will be used, Bakers said, to fund early works and long lead items in order to accelerate the development of Clean TeQ’s 100 per cent-owned Sunrise minerals operations, located 350km west of Sydney.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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