Dual listed uranium miner NexGen Energy gave its brokers the go-ahead to launch a $200 million equity placement on Tuesday evening, Street Talk understands.
The brokers were offering NexGen shares at 12.40¢ per CDI, representing a 4.83 per cent discount to the last close.
Sydney stockbroker Aitken Mount Capital Partners was the lead manager and bookrunner, and was joined by Canaccord Genuity. Sources said the deal was covered at launch, and the book would shut at 7:30pm.
Fund manager sources said it was a strategic cash call that would give NexGen a shot at being included in ASX indices and open up its free float. The miner is capitalised at nearly $6 billion on Toronto Stock Exchange, but its local listing sits at just $644 million despite being held by well-known funds like Argonaut Fund Management and Jeremy Bond’s Terra Capital. Washington H Soul Pattison last year invested via a convertible debenture.
Tuesday’s placement would take NexGen from $C648 million in cash and investments to $C830 million.
Read the full story tomorrow and more on the Street Talk page.
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