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HomeFinTechStanmore Resources: Raises US$506m for BHP Mitsui Coal

Stanmore Resources: Raises US$506m for BHP Mitsui Coal

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Stanmore Resources Raises US$506m for BHP Mitsui Coal

  • Coal explorer Stanmore Resources (SMR) is raising US$506M to partially fund the acquisition of an 80 per cent stake in BHP Mitsui Coal (BMC)
  • The buy is costing the company US$1.2B and is considered a ‘transformational’ acquisition
  • GEAR committed to subscribe for US$300M of its entitlements and Petra Capital will underwrite the remaining US$206M
  • Stanmore also confirmed a US$120M facility agreement which will mature in 3 years from date of agreement, triggering a trading halt
  • Stanmore shares stand at $1.25 each prior to entering the trading halt

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