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Mallesons Stephen Jaques has advised the underwriter, J.P. Morgan, on rare earths group Lynas Corporation’s A$450 million capital raising. The funds raised by Lynas will be used for the first phase of the company’s Mount Weld project in Western Australia and associated processing facility in Malaysia, with the balance used for working capital. The Mallesons team, led by Partners Shannon Finch and John Sullivan, worked closely with Lynas’ advisers and J.P. Morgan’s internal counsel on all aspects of the raising. “To achieve the tight timeframe, the deal required experienced teams working efficiently together. Our client was impressed with the deal teams’ collaborative approach,” Ms Finch said. John Sullivan added: “The deal is another illustration of the flexibility offered by the Australian capital raising regime, which allows entitlement offers without a prospectus. The regime allowed Lynas to address its funding swiftly following the termination of its deal with China Nonferrous Metal late last week.” Other Mallesons team members advising J.P. Morgan on the transaction were Solicitors Avi Naidu and Hugh Treharne. The capital raising consists of an approximately A$88 million unconditional institutional placement of new shares, an A$295 million 1-for-1 underwritten non-renounceable pro-rata entitlement offer and an A$67 million underwritten conditional placement. |
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