find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Canadian mine acquisition complete

Canadian mine acquisition complete


A Sydney-based Ashurst team has advised Champion Iron Limited on its acquisition of the Bloom Lake Mine in Canada.

Firms: Ashurst (Champion Iron Limited); McCarthy Tétrault (Cliffs Quebec Iron Mining)

Deal: Champion Iron Limited acquired assets from Cliffs Quebec Iron Mining through private placement and subsidiary fundraising.

Value: CAD$53.3 million acquisition, CAD$30 million placement and CAD$20 million subsidiary fundraising

Area: M&A

Key players: The Ashurst team was comprised of Sydney-based consultant Gary Lawler and senior associate Stuart Dullard.

Deal significance: Canadian mining company Champion Iron Limited (Champion), which is listed on both the Australian Stock Exchange and the Toronto Stock Exchange, acquired the Bloom Lake Mine, rail assets and quinto claims from Cliffs Quebec Iron Mining (Cliffs) for CAD$53.3 million.

To fund the acquisition, Champion conducted an underwritten private placement that raised CAD$30 million and introduced three new cornerstone investors (Wynnchurch Capital LLC, Resources Capital Fund and Resources Quebec).

The placement almost doubled Champion's capital base, according to a release from Ashurst, and was approved by shareholders under Listing Rule 7.1 on 31 March.

Resources Quebec is also investing CAD$20 million at the subsidiary level through a CAD$6 million loan and investing CAD$14 million in equity, giving it a 36.8 per cent interest in the holding company of the assets.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Canadian mine acquisition complete
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...