Allens has advised AIC Mines Limited on its acquisition of Materra Metals Limited, the current owner of the Mt Cuthbert Copper Project, and expanded funding partnership with Hawke's Point Resource Finance.
The acquisition consideration involves a combination of a $100 million scrip component and a $20 million cash component.
The cash component of the consideration will be funded through a placement of new AIC Mines shares to Hawke's Point Resource Finance for an aggregate subscription value of $70 million priced at market, with the remaining proceeds of the placement to be applied towards the acceleration of exploration, resource drilling and development studies at Mt Cuthbert.
Allens advised AIC Mines from the initial proposal stage through to execution of binding documentation, drawing on a multidisciplinary team across corporate, mining and resources, equity capital markets, banking and finance, and tax.
'We were pleased to further support AIC Mines on its acquisition of Materra Metals and on a funding solution that facilitates AIC Mines' ambitions for the Mt Cuthbert Project, having worked closely with AIC Mines on its previous placement to Hawke's Point in 2025,' said Chelsey Drake, Allens' Chair and lead partner on the deal.
'This transaction reflects a number of emerging themes in private M&A in the mining and resources sector, including the increasingly important role of cornerstone equity investments in the funding mix.'
Allens legal team
M&A and Capital Markets
Chelsey Drake (Partner), Dougal Clark (Senior Associate)
Finance, Banking & Debt Capital
Karla Fraser (Partner)
Tax
George Bishop (Managing Associate)