Baker McKenzie delivers in hot capital raise

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Baker McKenzie was Clean TeQ Holdings’ law firm of choice in its recent hot capital raising.

Heavily oversubscribed with demand significantly exceeding the $150m underwritten amount, the institutional placement will be used to fund early works and long lead items for the Sunrise Project in New South Wales. Clean TeQ owned 100% of the project. The global firm also advised Clean TeQ on a share purchase plan.

As a result of the raising, Clean TeQ has the opportunity to move up production of cobalt and nickel sulphate from the project by about 12 months.

“The project is one of the highest-grade and largest nickel and cobalt deposits outside of Africa and is one of the largest and highest-grade scandium deposits in the world,” said Richard Lustig, Baker McKenzie’s lead partner on the transaction.

Lustig was supported by special counsel Caroline Tait, who recently joined the firm. Partner Andrew Reilly, who heads the firm’s US capital markets practice in Australia, and corporate markets partner Rick Troiano also advised on the deal. Associate Paul Anderson was also part of the team.

Macquarie Capital and BMO Capital Markets acted as joint lead managers, underwriters, and bookrunners.


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