17 May 2010

Clayton Utz advises Gindalbie Metals Ltd on multimillion dollar capital raising

Perth, 17 May 2010: Clayton Utz has advised Gindalbie Metals Ltd on its announced capital raising, expected to raise between $175 million and $206 million for the development of the $2 billion Karara Iron Ore Project.

Clayton Utz Perth Corporate partner Mark Paganin led the transaction for Gindalbie.

The capital raising comprises a conditional $111.8 million share placement, a placement with joint venture partner and largest shareholder, Ansteel, to raise between $63 million and $74 million and a share purchase plan to raise up to $20 million.

Capital raised will be used to finance Gindalbie Metals' share of the project's construction costs and fund Gindalbie Metals' equity share of the $430 million working capital requirements.

"We are pleased to have been involved in the capital raising and to continue our role of providing advice on the financing of the Karara Iron Ore Project," Mr Paganin said.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.