News

HopgoodGanim advises CuDeco on $32 million share placement

2 February 2012

HopgoodGanim has advised ASX-listed mining company CuDeco on the placement of ordinary shares to two UK fund managers, raising $32 million before costs.

According to partner Brian Moller, who led the team from HopgoodGanim advising on the transaction, the prospectus opened and closed on the same day and was drafted in a relatively short timeframe.

"Both CuDeco and the UK fund managers - M&G and Red Fort Partnership - were strongly committed to the investment and wanted the transaction to complete quickly and smoothly, so that was our primary concern".

Mr Moller says that CuDeco will use the funds raised to complete the acquisition of a processing plant and undertake mine development at CuDeco's Rocklands Group Copper Project, located in north-west Queensland.

"The shares' issue price was at a premium to the market price, reflecting the strength of CuDeco and the Rocklands Group Copper Project".

HopgoodGanim has advised CuDeco, which specialises in copper, gold and cobalt exploration, since 2004. The team advising CuDeco on this transaction included partner Michele Muscillo, associate Emily Ackland and solicitor Christian Baldock.

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