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Gloucester To Buy Noble's Interests In Middlemount; Announces Underwritten Equity Raising Of A$410 Mln - Quick Facts

Gloucester Coal Ltd (GCL.AX) announced that it has entered into agreement with Noble Group Ltd (NOBGF.PK) to acquire Noble's interests in the Middlemount Joint Venture.

The Middlemount JV owns the Middlemount project, a near-term, open-cut metallurgical coal development project located in Queensland's Bowen Basin.

Under deal, Gloucester proposes to acquire 27.52% interest in the Middlemount JV; the right to acquire a further 2.48% interest in the Middlemount JV from Macarthur for further A$8 million, which is payable following completion of a certain shipping milestone.

To fund the cash consideration for the Middlemount Acquisition, Gloucester announced equity raising of up to about A$455 million through a 3 for 5 accelerated, non-renounceable pro rata entitlement offer. The Entitlement Offer comprises about A$410 million underwritten institutional component; and up to about A$45 million, non-underwritten retail component.

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