25 Nov 2010

Clayton Utz advises on Sandfire Resources equity raising

Perth, 25 November 2010: Clayton Utz is advising Perth based Sandfire Resources NL on its $102 million equity capital raising.

Perth Corporate Advisory/M&A partners Matthew Johnson and Mark Paganin led the Clayton Utz team.

The raising comprises an underwritten $30 million institutional share placement to institutional and sophisticated investors, to be undertaken via institutional bookbuild with an underwritten floor price of $7.00 per share. It also includes an underwritten accelerated non-renounceable pro rata entitlement offer to raise $72 million at an offer price of $6.60 per share.

The proceeds of the offer and placement will be used to assist funding feasibility studies for the DeGrussa Copper-Gold Project, initial open pit development and allow for deposits for long-lead time items for plant construction and for other pre-development activities. Proceeds of the raising, together with Sandfire's existing cash resources of $35 million, will also be used to underpin continued exploration both in the near-mine environment and regionally.

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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.