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Investors move to back minerals explorer

Investors move to back minerals explorer

An Omani reserve fund has offered to invest in an Australian mineral exploration company as part of a deal announced this month.

Firms: Ashurst (State General Reserve Fund (SGRF) of Oman); Chadbourne & Parke LLP and Johnson Winter & Slattery (Sociedad Química y Minera de Chile S.A. (SQM)); Emery Mukendi Wafwana & Associates (SQM and SGRF); Kings Park Corporate Lawyers and Mills Oakley (Elemental Minerals Ltd)

Deal: Elemental Minerals Ltd (Elemental) will issue shares and options to three investors.

Value: US$50 million

Area: Finance; equity capital markets

Key players: The Ashurst team advising SGRF was led by corporate partner Ben Warne (pictured). Tony Denholder led the resources team involved in the deal.

Deal significance: ASX-listed Elemental Minerals Ltd has proposed to issue shares and options to three investors: State General Reserve Fund (SGRF) of Oman, Sociedad Química y Minera de Chile S.A (SQM), and Summit Private Equity (Summit).

The proposed investment agreements were announced on September 1. Each investment agreement is interdependent and will be subject to approval by the company’s shareholders.

Ashurst advised SGRF in its investment agreement with the minerals exploration and development company.

According to a statement from Ashurst, the separate investments will bring “a combination of potash experience, Latin American, Middle Eastern and African influence, financing expertise and significant financial capability to Elemental's projects”.

SGRF has also negotiated certain off-take and marketing rights, and rights of first refusal over product from Elemental's potash project, being the Kola Sylvinite Project in the Republic of Congo.

The pending investment in Elemental by SGRF is seen to be a strategic investment by the Omani Government to provide a “long-term return, while also diversifying away from the oil and gas sector”, Ashurst said.

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