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Nickel Mines raises $364m to acquire the Angel Nickel Project
DLA Piper has advised Nickel Mines on its $364 million equity raise.
Tony Zhang
Firm: DLA Piper (Nickel Mines).
Deal: Global law firm DLA Piper has advised nickel pig iron (NPI) producer Nickel Mines Limited (ASX: NIC) on its $364 million, fully underwritten accelerated pro-rata non-renounceable entitlement offer.
Area: Capital markets.
Key players: DLA Piper’s team was led by corporate partner Adrian Tan and also included partner Mark Burger, special counsel Kelly Morrison, solicitor Claudia McEwen and graduate Charlie Lian.
The entitlement offer is fully underwritten by joint leader managers Credit Suisse and Bell Potter.
Deal significance: The majority of the funds raised will be used to support the acquisition of Nickel Mines’ initial 30 per cent interest in the Angel Nickel Project (ANI), currently under construction within the Indonesia Weda Bay Industrial Park (IWIP).
ANI is expected to approximately double Nickel Mine’s existing production capacity and further cements its excellent relationship with its major shareholder and partner Shanghai Decent (part of the Tsingshan Group, the world’s largest stainless steel producer).
“We are delighted to support Nickel Mines with their second equity raising in 2020, which provides another endorsement of the Company’s achievements to date,” Mr Tan said.
“The ANI transaction, when completed, will expand Nickel Mines’ operational footprint to what are estimated to become the world’s two largest nickel production centres.”
