Stanmore Resources Raises US$506m for BHP Mitsui Coal
- Coal explorer Stanmore Resources (SMR) is raising US$506M to partially fund the acquisition of an 80 per cent stake in BHP Mitsui Coal (BMC)
- The buy is costing the company US$1.2B and is considered a ‘transformational’ acquisition
- GEAR committed to subscribe for US$300M of its entitlements and Petra Capital will underwrite the remaining US$206M
- Stanmore also confirmed a US$120M facility agreement which will mature in 3 years from date of agreement, triggering a trading halt
- Stanmore shares stand at $1.25 each prior to entering the trading halt
