Gadens acts on Gold Hydrogen IPO
- Published: 21 March 2023
- Law Firm: Gadens
Gadens acted for Gold Hydrogen Limited (ASX: GHY) on its pre-IPO capital raising and successful ASX listing, at a premium to issue price, on 13 January 2023.
Gold Hydrogen is focused on the discovery and development of world class natural hydrogen gas in a potentially extensive tenement area in South Australia. The area is the largest tenure position in Australia.
The company, chaired by Hon Alexander Downer, has raised capital to validate historical hydrogen occurrences and prove that hydrogen is available in commercial quantities. Natural hydrogen is a low/zero carbon emitting source that can be supplied at a very low price point, presenting an attractive market opportunity to facilitate decarbonisation.
Deal value: Issue of 40,000,000 shares, raising $20m (fully underwritten) at the offer price of $0.50 per share. On listing, the company was valued at in excess of $70m.
Practice group: Corporate.
Key team members: The team advising on the transaction was led by partner Lionel Hogg, supported by partner Kane Jacobson and senior associate Shane Wacker.