Perth, 22 March 2016: Clayton Utz has advised ASX-listed environment, waste management and industrial service provider Tox Free Solutions Ltd (ASX: TOX) on its successfully completed fully underwritten placement to institutional investors to raise gross proceeds of $20 million, announced yesterday.
The institutional placement was undertaken to partly fund the acquisition of 100% of the shares in waste management company Worth Corporation Pty Ltd announced yesterday, in respect of which Clayton Utz is acting for Tox Free. The total cash consideration for the acquisition is $70 million (subject to adjustments). Tox Free is also undertaking a share purchase plan at the same price as the institutional placement to raise a maximum of $4 million.
Clayton Utz Perth corporate partner Mark Paganin is leading the firm's team with support from senior associate Stephen Neale and lawyers Kaley Ohariw and Thomas Parker.