Allens advises Burgundy Diamond Mines on $234m capital raising and ASX re-compliance listing

Capital Markets Mergers & Acquisitions Mining

Allens has advised Burgundy Diamond Mines Ltd on its $234 million capital raising to acquire the world-class Ekati Diamond Mine in Canada’s Northwest Territories.

This cross-border deal has led to Burgundy becoming the largest ASX-listed diamond company, and one of the largest listed diamond companies globally.

The Allens team advised Burgundy on an equity raising via a conditional placement which consisted of an underwritten component of $193.4 million and a debt repayment component of $37 million to fund the acquisition. The conditional placement was lead managed and underwritten by Bell Potter, Aitken Mount Capital and Euroz Hartleys.

Allens also advised Burgundy on its $3.7 million share purchase plan to existing shareholders.

Following the completion of the equity raising and the acquisition of Ekati, Burgundy has now re-listed on the ASX.

'Allens is proud to have acted on this transformational cross-border deal to create one of the largest listed diamond companies globally,' said lead Partner Charles Ashton.

Allens worked closely with Burgundy's Canadian legal advisers Davies Ward Phillips & Vineberg LLP to navigate the complex legal requirements of the various jurisdictions to execute the transaction.

Allens legal team

M&A and Capital Markets

Charles Ashton (Lead Partner), Dave Filov (Counsel), Michael Burrell (Senior Associate), Alex Knights (Associate), Patrick Daaboul (Associate), Tamar Shifroni (Lawyer), Julie Litver (Lawyer), Will Simpson (Lawyer), Jessica Hodgson (Law Graduate), Francesca Bailey (Law Graduate)


Ellen Thomas (Partner), Jay Prasad (Managing Associate), Jon Wenham (Senior Associate), Karen Lee (Associate)