Ashurst has advised TerraCom Limited (TerraCom) in relation to an accelerated non-renounceable entitlement offer on a 3 for 13 basis at A$0.215 per share to raise up to A$15 million (Equity Raising).

The Rights Issue is fully underwritten by Gleneagle Securities (Aust) Pty Limited acting as the Lead Manager and Underwriter, and is fully sub-underwritten by Bonython Coal No 1 Pty Limited.

The proceeds from the funds raised will be used to strengthen TerraCom's financial position, including expediting the Blair Athol rail line construction.

Lead partner Elspeth Arnold commented: "We have worked with the TerraCom team for a number of years and are delighted to serve as the Company's trusted advisers, across a range of practice areas, and to work alongside them as TerraCom continues to confront ongoing challenges in its market and positions itself for long term prosperity."

The Ashurst team was led by partners Elspeth Arnold and Shane Kyriakou (Corporate), and included partner Antonella Pacitti, senior associate Brooke Coghlan and lawyer Hannah Fitzpatrick (Corporate).