G+T has advised De Grey Mining Limited (ASX:DEG) (De Grey) on the successful launch of its fully underwritten approximately A$600 million (before costs) equity raising, comprising an institutional placement and accelerated non-renounceable entitlement offer (Equity Raising). The Equity Raising will be conducted at a fixed price of A$1.10 per share.

The Equity Raising is expected to fully fund the equity component of the project financing of De Grey’s flagship Hemi Gold Project (Hemi) in the Pilbara region of Western Australia, representing a material de-risking milestone for the Hemi project development. 

Hemi hosts one of the world’s most prospective gold resources. Construction activities at Hemi are expected to commence in the second half of 2024, with De Grey targeting first gold production in the second half of 2026, accounting for an estimated two-year construction period.  

The G+T team was led by Corporate Advisory partner Sarah Turner and lawyer Ryan Gava, with support from lawyers Dan Smailes and Sarah Urquhart.

Sarah Turner commented:
“We have enjoyed working with the De Grey team on this significant equity raising and are pleased to see another big step taken by De Grey on the road to construction of Hemi.”

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