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Share placement shows interest in resources

HopgoodGanim Lawyers has advised AusNiCo Limited on its ASX listing and the placement of 20 million new shares at $0.20 each, raising a total of $4 million before costs.According to HopgoodGanim…

user iconLawyers Weekly • 21 October 2010 • Big Law
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HopgoodGanim Lawyers has advised AusNiCo Limited on its ASX listing and the placement of 20 million new shares at $0.20 each, raising a total of $4 million before costs.

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According to HopgoodGanim partner Brian Moller, who led the team advising on the listing and capital raising, the share placement was oversubscribed, demonstrating the high level of investor interest in resources companies with tenements in South East Queensland.

"AusNiCo has secured a strong ground position, with exploration tenements in a historic mining area in South East Queensland - an area of substantial growth potential and excellent infrastructure," said Moller.

"What made this capital raising unusual was that AusNiCo had been close to finalising a merger with a Canadian TSX-listed company in March. Unfortunately, the merger had to be abandoned as the result of difficulties with the Canadian company's properties in Canada.

"This, coupled with the current economic environment and an evolving legislative and political landscape, created an unusual backdrop for a capital raising of this nature."

AusNiCo is a subsidiary of ASX-listed D'Aguilar Gold Limited.

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