Ashurst advises Vulcan Energy on AUD109m EUR66m capital raising and dual listing of new shares

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    Ashurst advised dual-listed green lithium producer Vulcan Energy Resources Limited (Vulcan Energy) on its A$109m (€66m) capital raising and the dual listing of the new shares. Vulcan Energy is listed on the Australian Securities Exchange (ASX) and the regulated market of the Frankfurt Stock Exchange (Prime Standard). The placement comprised the issue of 21.4 million new fully paid ordinary shares to institutional investors.

    The transaction was fully underwritten by Canaccord Genuity and Bank of America who acted as joint lead managers and bookrunners for the placement. Ashurst assisted Vulcan Energy on all Australian, German and US aspects of the transaction, including the preparation of a German listing prospectus.

    The proceeds of the placement are earmarked, in particular, for the further development of the ZERO CARBON LITHIUMTM Project of Vulcan Energy in the Upper Rhine Valley in Germany. Vulcan Energy is aiming to become the world’s first integrated lithium chemicals and renewable energy producer with a net zero carbon footprint.

    The cross-border Ashurst team advising on this transaction consisted of (i) in Germany: partner Matthias von Oppen (global lead), counsel Dr Valentin Pfisterer, associate Christoph Tornau and transaction counsel Melissa Bach (all Corporate Transactions, Frankfurt) as well as senior associate Dr Simon Groneberg (Energy & Infrastructure, Frankfurt), (ii) in Australia: partner Ben Stewart (lead), partner Carl Della-Bosca, senior associate Josh Walsh and associate Benjamin Paganin (all Corporate Transactions, Perth) as well as partner Sanjay Wavde and counsel Paul Glover (both Tax, Sydney), (iii) in the UK: partner Jeffrey Johnson (lead), and associate Chutinan Chutima (both US Securities, London) and (iv) in the US: partner M. Sharon Kim as well as associates William Fuchsman and Andrew DiComo (all Tax, New York).

    Ashurst regularly advises Vulcan Energy and has advised on a broad range of transactions and project related advice, including in connection with its A$200m equity raising in 2021, its dual listing on the regulated market of the Frankfurt Stock Exchange (Prime Standard) in early 2022, its €50m capital raising and equity investment by Stellantis N.V. in mid-2022 as well as on the acquisition of the Insheim geothermal power plant and the conclusion of supply agreements for the green lithium production.