Dacian Gold

Canaccord Genuity acts as Joint Lead Manager, Joint Underwriter and Joint Bookrunner to a A$98 million equity raise for Dacian Gold Limited 

Canaccord Genuity is pleased to announce that it has executed an equity raising transaction for Dacian Gold Limited (“Dacian”) (ASX: DCN) to raise approximately A$98 million (“Equity Raising”). Canaccord Genuity acted as Joint Lead Manager, Joint Underwriter and Joint Bookrunner to the Equity Raising.

The Equity Raising comprised an underwritten institutional placement and an underwritten 1-for-1 accelerated non-renounceable entitlement offer to raise a combined A$98 million. The successful bookbuild saw strong support from existing institutional shareholders and several new high-quality institutional investors, including a number of specialist global gold funds. The equity raising was undertaken at a fixed issue price of A$0.30. 

The Equity Raising will facilitate the recapitalisation of Dacian by deleveraging the Company’s balance sheet and providing the financial flexibility required to deliver the Company’s Three-Year Production Outlook. The primary use of funds is the partial repayment of the Project Debt Facility of up to A$50 million; pre-stripping of the Doublejay open-pit which is due to commence in the June 2020 quarter; and broader exploration activities.

The transaction represents the third equity transaction that Canaccord Genuity has led for Dacian. The Investment Banking team included Jeremy Dunlop, Carl Henschke, Christian Calabrese, Stefan Collins and Jack Sampson. Significant support was provided by our domestic and global sales teams.