DLA Piper advises Nickel Mines on AUD364 million equity raise

Global law firm DLA Piper has advised nickel pig iron (NPI) producer Nickel Mines Limited (ASX: NIC) on its AUD364 million, fully underwritten accelerated pro-rata non-renounceable entitlement offer.

The majority of the funds raised will be used to support the acquisition of Nickel Mines’ initial 30% interest in the Angel Nickel Project (ANI), currently under construction within the Indonesia Weda Bay Industrial Park (IWIP). ANI is expected to approximately double Nickel Mine’s existing production capacity and further cements its excellent relationship with its major shareholder and partner Shanghai Decent (part of the Tsingshan Group, the world’s largest stainless steel producer).

DLA Piper’s team was led by Corporate partner Adrian Tan and also included partner Mark Burger, special counsel Kelly Morrison, solicitor Claudia McEwen and graduate Charlie Lian.

Adrian Tan said: "We are delighted to support Nickel Mines with their second equity raising in 2020, which provides another endorsement of the Company’s achievements to date. The ANI transaction, when completed, will expand Nickel Mines’ operational footprint to what are estimated to become the world’s two largest nickel production centres.”

The entitlement offer is fully underwritten by joint leader managers Credit Suisse and Bell Potter.