Heron

A$240m funding package for the development of the Woodlawn Zinc-Copper Project

September 2017

On 30 June 2017, Heron Resources Limited (“Heron”) announced it had secured a complete A$240 million funding package for the development of its 100%-owned Woodlawn Zinc-Copper Project, located in New South Wales.

Heron is now fully funded through construction and ramp-up, with first production targeted for late 2018 / early 2019. The funding package comprised:

  • US$60 million senior secured loan facility, US$16 million silver stream prepayment and A$29 million equity investment from Orion Mine Finance
  • Existing shareholder Greenstone Resources providing a A$42 million equity investment
  • Introduction of new strategic investor, Castlelake, L.P., providing a A$33 million equity investment
  • A$32 million raised from new and existing investors in an oversubscribed placement
  • A$5 million Share Purchase Plan to allow eligible existing retail shareholder participation

The transaction completed in September 2017.

Azure advised Heron on all aspects of the transaction, including providing valuation and strategic advice, coordination of due diligence and reverse due diligence, and negotiation of the relevant transaction agreements for both the debt and equity financings.