Allens advises Solimar on TSXV listing, capital raising
16 November 2011
Allens Arthur Robinson (Allens) has advised growing oil and gas production and exploration company Solimar Energy Limited on its listing on the Canadian TSX Venture Exchange (TSXV). The firm also advised Solimar on its completed capital raising and on the reparation of its debt.
The deal, which led to Solimar's first appearance on the TSXV on 14 November, establishes the company as one of few with dual listings on the ASX and TSXV. The listings will allow the Melbourne-based company to expand its global investor base and strengthen access to the North American capital markets.
Partner Mark Malinas, who led the Allens team on the matter, said that the transaction was conducted at a time when equity markets were volatile.
'The listing and capital raising involved regulators across Canadian and Australian jurisdictions,' Mr Malinas said.
'That necessitated the navigation of different, and at times conflicting, principles in each jurisdiction.'
According to Mr Malinas, the capital raising, which required shareholder approval in Australia, was conducted by way of an initial issue of subscription receipts.
'In view of the volatile equity markets, the raising was structured using a mix of escrow arrangements and subscription receipts,' Mr Malinas said.
'Release of funds was conditional on, among other things, the TSXV listing.
'We are delighted to have assisted Solimar on this strategic transaction and look forward to working with them on their future matters.'
|Allens legal team||Mark Malinas (Partner – Melbourne), Magnus Mason (Lawyer – Melbourne), Saul Lazar (Lawyer – Melbourne)|
- Susan CowenCorporate Affairs Adviser,
Ph: +61 3 9613 8374
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.