Perth, 24 August 2018: Clayton Utz is advising Squadron Resources Pty Ltd, a resources-focused investment entity associated with Andrew Forrest, in connection with ASX-listed Poseidon Nickel Ltd's placement and fully underwritten entitlement offer to raise approximately $75 million. The transaction was announced to the market today.
Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale are leading the firm's team, with key support from lawyer Benjamin Depiazzi.
The raising comprises a $5.8 million share placement at $0.05 per share to sophisticated and professional investors including Squadron Resources. The placement will result in Squadron Resources and its associates increasing their holding in Poseidon Nickel to approximately 18% of the expanded capital post placement. The raising also comprises an 11 for 10 renounceable entitlement offer at the same price as the placement, fully sub-underwritten by Squadron Resources, to raise total proceeds of approximately $68.8 million.
The placement shares are expected to settle prior to the record date for the entitlement offer of 29 August. The entitlement offer opens on 31 August.