Norton Rose Fulbright advises Canaccord, Berenberg and Panmure Liberum on US$175 million fundraising by Yellow Cake plc

Global law firm Norton Rose Fulbright has advised Canaccord Genuity Limited, as sole bookrunner, and Joh. Berenberg, Gossler & Co. KG, London Branch and Panmure Liberum Limited, as joint co-managers, on Yellow Cake's successful US$175 million fundraising.

This comprised a placing of 22,983,977 new ordinary shares to existing and new institutional investors at a fixed price of £5.64 per share via an accelerated bookbuild.

Yellow Cake plc is a specialist company operating in the uranium sector founded by Bacchus Capital Advisers, holding physical uranium (U3O8) for the long term and engaged in uranium-related commercial activities.

The placing proceeds will be used to fund the full exercise of Yellow Cake's 2025 uranium purchase option under the company's agreement with JSC National Atomic Company Kazatomprom and to pay certain costs associated with the placing, as well as for working capital and general corporate purposes.

Due to strong investor demand, the size of the placing was increased to approximately US$175 million from the approximately US$125 million originally proposed. Additional proceeds from the upsize are intended to be used to fund opportunistic and strategic purchases of further uranium.

The Norton Rose Fulbright team advising the syndicate banks on Yellow Cake's equity fundraising was led by London-based corporate partner Fiona Millington, assisted by US securities partner Thomas Vita and corporate associate Thea Messina. International securities law advice was provided by partner Bruce Sheiner and associate Joyce Cai (Toronto), partner Jeremy Wickens (Melbourne), partner Etelka Bogardi (Hong Kong) and senior associate Dexter Tan (Singapore).

Norton Rose Fulbright's equity capital markets team delivers legal advice to a number of prominent corporations and financial institutions throughout Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East. The firm handles all types of ECM transactions, from niche listings to global equity offerings for large multi-nationals across all key industry sectors.