Ashurst has advised Western Areas Limited (Western Areas) on a fully underwritten placement and non-underwritten share purchase plan, which has a combined value of A$70million.

The Placement will be conducted via a volume only bookbuild in both Australia and selected international jurisdictions.  The issue price per share is A$2.00 per share, being a 7.4% discount to Western Areas' closing share price on 30 March 2016. Eligible shareholders are offered the opportunity to participate in the SPP and subscribe for new shares up to the value of A$15,000.  The SPP will be capped at A$10 million and is not underwritten, with the issue price under the SPP the same as the issue price for the Placement.

Western Areas is undertaking these raisings to strengthen its balance sheet and provide greater financial flexibility to fund various growth.  These initiatives include an accelerated and discounted payment of the remaining amounts due for the acquisition of the Cosmos Nickel Complex from Glencore Plc of A$12.6 million along with targeted exploration programs, project studies at Cosmos and the ability to re-start deferred discretionary capital projects at short notice when justified by nickel market conditions.

Lead partner on the deal Roger Davies (Corporate) comments: "We are delighted to have assisted Western Areas with another capital raising, having previously advised on, among other matters, its equity raisings in 2014 and 2012.  We were able to assist Western Areas with putting in place all of the required documents and launching the raising over a short period of time. Western Areas is a longstanding and valued client of the firm and we look forward to continuing to support Western Areas in the future."

Roger was assisted by lawyers Themo Georgiou, Olivia Blakiston and Alexandra Meade.