Ashurst has acted for Medusa Mining (Medusa) in A$34 million two-tranche placement. Medusa is an Australian based gold producer focused solely on the Philippines and is listed on both ASX and LSE.

Medusa raised up to A$25 million by way of a non-underwritten placement of new ordinary shares (New Shares) at A$1.80 per New Share to institutional and other investors (Placement).

The Placement was conducted by way of a volume only book build process in Australia.  The Placement enjoyed strong support from existing shareholders and new investors, and Medusa increased its size to A$34 million. The Placement demonstrated the market's ongoing commitment to Medusa and its long-term growth strategy.

The New Shares were issued in two tranches:  the first was unconditional, and the second was completed after shareholder approval at the Company's AGM.

This raising will assist Medusa achieve its strategy to increase annual gold production to 200,000 ounces.  The funds raised will provide Medusa with additional working capital pending commencement of production from the new mill at its Co-O Gold Mine.  This mill will significantly increase Medusa's production capacity.

Lead partner Roger Davies said: "We are very pleased to have assisted Medusa Mining Limited with this equity raising, working alongside our UK and US colleagues and drawing on their expertise in relation to UK and US securities law.

This transaction will assist with commissioning and commencing production from its new Co-O Mill and achievement of Medusa's long-term growth strategy."

The Ashurst team consisted of Perth partner Roger Davies (lead partner), special counsel Matthew Rumpus and London partner Nick Williamson who provided UK securities advice, as well as Hong Kong-based partner Stuart Rubin, who provided guidance on US offer restrictions.