Hill Dickinson advises Chesterfield Resources plc on secondary fundraising and publication of a simplified prospectus
Details
Hill Dickinson’s London Corporate team advised Chesterfield Resources Plc on the completion of secondary fundraising of £2.5 million from an issue of new shares admitted to trading on 11 December 2020.
Chesterfield successfully raised £2.1 million as a result of a direct investment by Polymetal International plc (one of the ten largest gold mining companies in the world) and an additional £400,000 from a combined placing by the company’s brokers and direct subscriptions (the Fundraising). Hill Dickinson also advised Chesterfield on the publication of a simplified prospectus as part of the Fundraising and the prospectus was published on 8 December 2020.
Chesterfield Resources is a copper and gold exploration company operating in Cyprus, where it holds the largest mineral exploration licence area of any operator on the island. Chesterfield is currently completing its first-pass diamond drilling and geophysics exploration campaign on its licence district at Troodos West in Cyprus. This financing will fund its next phase of exploration.
Chesterfield is planning geophysics surveys over the winter, with a renewed campaign of diamond drilling in the second quarter of 2021.
Martin French, executive chairman of Chesterfield commented:
“We are delighted to have attracted the investment of a tier-one mining company of the stature of Polymetal International. We are an ambitious young company and this strategic investment represents an important step in our growth trajectory. We greatly look forward to working with Polymetal to build value for it, and all of our shareholders who have joined us in our venture.”
Hill Dickinson has a leading Capital Markets team and has acted for a number of issuers seeking to raise funds on the Main Market from IPOs and secondary fundraising activities.
The Hill Dickinson team was led by corporate senior associate Jack Delaney, assisted by Henry Schoen and Natalia Fryda.
