Firm: Ashurst (GFG Alliance)
Deal: GFG Alliance has made an investment in Havilah Resources Limited, whereby it has proposed a share subscription which will fully fund Havilah’s work programs for its iron ore assets and copper prospects in the Mutooroo Copper-Cobalt District in South Australia’s northeast.
Value: $100 million
Area: Finance, resources
Key players: The Ashurst team was led by partner and head of corporate Elspeth Arnold, with support from partner Lynda Tully, counsel Eliza Blandford and associates Sophie Mattei, Alex Kedzior and Mariana Estifo.
Partner Martin Coleman and senior associate John Renda advised on banking aspects and partner Ross McClymont advised on restructuring aspects, while tax advice was provided by partner Geoff Mann and senior associate Kristina Popova.
Deal significance: “The funding will be provided by a series of equity placements in Havilah at a premium up to 35 per cent, over an expected period of three years, potentially providing GFG Alliance with a 51 per cent stake in Havilah if all equity placements are made,” a statement from Ashurst explained.
“The subscription are subject to Havilah shareholder approval.
“The transaction establishes a strategic alliance between GFG and Havilah, with GFG having the capacity to support and facilitate the future growth of Havilah through access to global capital markets, capital investment, technical assistance and commercial offtake agreements.”