Grange Resources

A$124m Underwritten Entitlement Issue and $43m Share Placement

September 2009

On 18 August 2009, Grange announced a $167 million capital raising and restructure, comprising of a $124 million underwritten entitlement issue, $29 million placement of shares to cornerstone investors and a $14 million issue of shares to Stemcor in return for a royalty restructure. The transaction provided funding for working capital and debt reduction.

Azure acted as sole corporate adviser, and joint lead underwriter and manager to the transaction.

The capital raising was carried out as part of a restructure of Grange’s liabilities which involved a reduction and pre-payment of a portion of deferred consideration, restructure of a royalty agreement and reduction and extension of a debt facility.

The entitlement issue and Stemcor placement were completed on 21 September 2009, with the cornerstone placement subject to a shareholder vote at the AGM in November.