Herbert Smith Freehills is advising Spartan Resources Limited (Spartan) on its A$80 million fully underwritten equity raising, comprising an institutional placement and a pro rata accelerated non-renounceable entitlement offer, which was announced 18 April 2024.

Proceeds from the equity raising will be used to underpin the development of an underground exploration decline and a significantly expanded exploration campaign at the Dalgaranga Gold Project in 2024/25.

The Herbert Smith Freehills team was led by partner David Gray and senior associate Charlotte Cameron, and supported by solicitor Kashmirra Thevar and graduate Emma Kriening.

Herbert Smith Freehills has worked closely with the Spartan team on this transaction, including Managing Director Simon Lawson, Non-Executive Director David Coyne, and Chief Financial Officer Tejal Magan.

Herbert Smith Freehills senior associate Charlotte Cameron said, “Herbert Smith Freehills is very pleased to have been able to assist Spartan with this transaction that will accelerate the exploration and development of the Dalgaranga Gold Project.”

Canaccord Genuity (Australia) Limited, Sternship Advisers Pty Ltd and Euroz Hartleys Limited are acting as underwriters and joint lead managers to the equity raising. They were advised by Hamilton Locke.