Ashurst has advised YTC Resources Limited (YTC), as issuer, in a A$25 million equity raising via share subscription. Pacific Road Capital were subscribers in the placement.

YTC agreed to a strategic equity funding transaction with Pacific Road Capital for the continuing exploration and development of the Hera-Nymagee Projects. The agreement was entered into on 5 December 2013.

According to a statement released by YTC, "The strategic transaction is premised on the shared view of YTC and Pacific Road Capital that accelerating exploration will assist in unlocking the substantial growth potential of both the Hera and Nymagee deposits, in parallel with the Company's focus on developing the Hera and Nymagee Project."

Phase 1 of the transaction is a placement of 58.8 million shares in YTC Resources Limited to Pacific Road Capital at A$0.2434 per share to raise a total of A$14.3 million.  Phase 2 of the transaction allows YTC to elect to raise up to a further A$10.7 million from Pacific Road at a 30 day VWAP price from the time of the YTC Call.

Murray Wheater, corporate partner based in Sydney and lead partner in this matter said: "Ashurst is proud to be associated with YTC Resources, which is one of the few junior miners able to develop a brand new mine in a very difficult fund raising climate. The exploration prospectivity of YTC's Hera-Nymagee mining province is highlighted by the strong support shown by the Pacific Road Resources Fund."