DLA Piper supports nickel pig iron producer on $231m equity raising effort

The business has partnered with a global leader in the sector

DLA Piper supports nickel pig iron producer on $231m equity raising effort

DLA Piper is supporting ASX-listed nickel pig iron (NPI) producer Nickel Mines Limited on a $231m equity raising effort.

The deal involves a 1-for-3.6 accelerated non-renounceable entitlement offer, which was fully underwritten by joint lead managers Credit Suisse and Bell Potter.

The firm said that the capital raised will be used to exercise Nickel Mines Limited’s options to increase its ownership in the Hengjaya Nickel and Ranger Nickel projects from 60% to 80%. Under these projects, rotary kiln electric furnace plants produce NPI, which is a core component in stainless steel production.

Nickel Mines Limited has partnered with Shanghai Decent, a subsidiary of Tsingshan group and the largest stainless steel and NPI producer in the world, on the projects.

The equity raising transaction is set to be presented before shareholders for approval at Nickel Mines Limited’s annual general meeting today.

Head of ECM Australia and corporate partner David Ryan is leading DLA Piper’s team on the transaction alongside recently promoted corporate partner Adrian Tan and special counsel Kelly Morrison. They are being supported by senior associate Cameron Bill, solicitor Claudia McEwen and graduate Matt Rozario.

“We are delighted to support our client in this strategic transaction, which, upon completion, will grow their exposure to highly attractive core assets and provide a platform for further growth for the company,” Ryan and Tan said.

The firm advised on a number of successful capital raisings in April, including a $346m raising by Webjet that was the first to use the new ASX class waiver relied unveiled at the end of March. Ryan and Morrison were both part of DLA Piper’s team on this transaction as well.

The firm also announced the opening of a new Perth office at 240 St Georges Terrace.

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