Squire Patton Boggs has acted for Eastern Goldfields Limited (formerly Swan Gold Mining Limited) on a capital raising and debt restructure in connection with the requotation of the company’s securities on the Australian Securities Exchange (ASX) following a period of suspension.

Eastern Goldfields Limited is an Australian gold exploration and production company with projects in Western Australia. The company’s securities had been suspended on the ASX in 2008, following which it was in administration up until February 2010. Recently, the company made an offer to investors to raise up to AU$25 million with a view to undertake the requotation. The offer closed on 29 February 2016, oversubscribed with significant investor support, allowing the company to satisfy a key condition attached to the requotation. The company also undertook a restructure of approximately AU$30 million of debt held by a major shareholder, and a number of other lenders under syndicated debt arrangements. Subsequent to the close of the capital raising and debt restructure, the company satisfied the remainder of the conditions, and had its shares trading on ASX again from 24 March 2016.

A corporate team from the Perth office, led by partner Simon Rear and associate Pasan Wijesuriya, advised Eastern Goldfields Limited.

“We were extremely pleased to have acted for EGS, a long-standing client, in this transformational capital raising in connection with the larger requotation transaction,” commented Simon Rear. “The company has been able to attract a significant amount of investor support at a difficult time for the mining sector as a result of commodities prices and other global factors affecting the industry. We look forward to continuing to work with the company and its Board of Directors during its next exciting chapter.”