Azure has allure

Adam Rankine-Wilson and Alec Pismiris have quit Capital Investment Partners, the Perth-based investment bank they co-founded, to join Mark Barnaba and Michael Minesora's growing team at Azure Capital.

Rankine-Wilson and Pismiris will focus on equity capital markets work at Azure, and will also look to launch a "significant” new global mining fund.

The departure from the 34th floor of the Exchange Plaza building (they are moving to the 33rd floor), means that managing director Gavin Argyle is the only one remaining of the five co-founders of the business in 2005.

Rankins-Wilson says the move is prompted by a desire to work in a "larger and more sophisticated” environment that will allow bigger deals and a "bit more horsepower”.

Azure is emerging as one of the leading advisory firms in the West, and has landed the key advisory and lead management role for Perth-based mining junior Focus Minerals, which has ambitious plans to bring the Coolgoardie gold fields back to life.

The appointment is hardly surprising as Chris Hendricks, who is handling the deal for Azure, sits on the Focus board. Azure will organize a $14 million placement at 5.5c a share, along with $4 million share purchase plan.

Many companies have tried their luck in Coolgardie but have been thwarted by the complex web of ownership and joint venture agreements of the various fields.

Focus has agreed to buyout the TSX-listed Committee Bay's interest for $22 million in cash and notes and $7.7 million in stock, to give it full ownership of the field.

Coolgardie is regarded as a high grade resource, but it is also a high cost and "patchy” deposit. Still, with gold prices near the $1,000 mark and a nickel deposit thrown in, Focus is optimistic of making it work. It is getting an $18.6 million debt facility through Investec. The costs of the capital raising and stamp duty are $3.2 million.