Baker McKenzie advised Clean TeQ Holdings on its underwritten institutional placement to raise A$150m and issue a share purchase plan.  Proceeds will be used to fund early works and long lead items to accelerate the development of its 100% owned Sunrise Nickel /Cobalt /Scandium operations, located 350km west of Sydney.

Baker McKenzie lead partner on the transaction, Richard Lustig stated: "Our client, Clean TeQ Holdings Limited, is the owner of the highly regarded Sunrise Project in NSW.  The Project is one of the highest grade and largest nickel and cobalt deposits outside of Africa and is one of the largest and highest-grade scandium deposits in the world."

The Placement closed heavily oversubscribed with demand significantly exceeding the A$150 million underwritten amount. An expedited development timetable will provide Clean TeQ with the opportunity to commence production of high purity cobalt and nickel sulphate approximately 12 months earlier than previously contemplated, allowing it to take advantage of rapidly growing markets for these critical inputs into the lithium ion battery industry.

Richard was assisted by a Baker McKenzie team comprising: Caroline Tait, Rick Troiano, Andrew Reilly and Paul Anderson.

Macquarie Capital (Australia) Limited and BMO Capital Markets acted as Joint Lead Managers, Underwriters and Bookrunners for the placement.