Andromeda acquires Minotaur Exploration

Andromeda acquires Minotaur Exploration

02 December 2021 By Naomi Neilson
Andromeda acquires Minotaur Exploration

Andromeda was advised by MinterEllison on its bid implementation agreement to acquire joint venture partner Minotaur Exploration.

Firm: MinterEllison (Andromeda)

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Deal: MinterEllison has advised Andromeda on its $108 million acquisition of Minotaur Exploration.

Value: $108 million.

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Area: M&A.

Key players: The team was led by partner Andrew Corletto, with assistance from senior legal counsel Kent Grey and lawyers Lachlan McNamara and Molly Stephens. Senior legal counsel Paul Ingram assisted with taxation and stamp duty issues.

Deal significance: The acquisition will result in Andromeda consolidating its 100 per cent ownership of both Great White Kaolin Project and Natural Nanotech via the acquisition of Minotaur’s current 25 and 50 per cent respective joint venture interests in Great White and Nanotech.

As part of the deal, Minotaur will demerge its copper and glass assets into a subsidiary, Breakaway Resources, which it intends to list on the ASX. The demerger will be undertaken in parallel with the acquisition.

Mr Corletto commented: “It was particularly pleasing to have had the opportunity to make an impact by being involved as its principal legal adviser in helping the company grow to an ASX300 company.

“We are continuing to work with Andromeda as it proceeds with a DFS/BFS and, hopefully, development of its Great White Kaolin Project.”

Andromeda acquires Minotaur Exploration
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