Ashurst has advised Macquarie Capital (Australia) Limited (MCAL), as sole lead manager, bookrunner and underwriter on an institutional placement and share purchase plan by Independence Group NL (IGO), to raise up to A$280 million.

IGO has completed an underwritten A$250 million placement of approximately 66.7 million shares, at an issue price of $3.75 per share. The issue price represents an 8.1% discount to the closing price (on 26 July 2016) of A$4.08 per share, and a 6.9% discount to the 5 day VWAP. The placement shares will be issued under IGO's existing placement capacity.

IGO has also announced a non-underwritten share purchase plan to raise up to $30 million.  The issue price under the SPP will be the same as the placement price.

This capital raising allows IGO to further fund both its operations generally, and capital expenditure requirements at the world class Nova nickel project, acquired from Sirius Resources NL (Sirius) in September 2015. Ashurst acted for Sirius on the merger by scheme of arrangement between IGO and Sirius.

Lead partner on the deal Antonella Pacitti comments, "It has been a pleasure to assist the Macquarie Capital team with another significant transaction, this being the largest capital raising by a Western Australian-based company in 2016.  It is really positive to see the investment being made in WA companies with exposure to gold and nickel."

Antonella was assisted by senior associate Themo Georgiou and lawyer James Campbell.