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HopgoodGanim acts on double

HopgoodGanim acts on double

Brisbane firm HopgoodGanim Lawyers has advised Volga Elderberry Pty Limited on the sale of the Lorena Gold Project in North West Queensland to Malachite Resources Limited, advised by Kemp…

Brisbane firm HopgoodGanim Lawyers has advised Volga Elderberry Pty Limited on the sale of the Lorena Gold Project in North West Queensland to Malachite Resources Limited, advised by Kemp Strang.

The consideration paid by Malachite for the acquisition is 350 million Malachite shares, priced at six cents each, at a total value of $21 million.

According to partner Michael Hansel, who led the HopgoodGanim team advising on the sale, near production gold projects are highly sought after as a result of dramatic increase in gold prices.

"As a result of the share issue, the sellers of Volga Elderberry now have a 66 per cent shareholding in Malachite Resources.

"The two parties took a collaborative approach to this transaction, and worked together closely throughout the sale process to negotiate and complete the deal within a short time frame."

The sale will allow Malachite to fast-track the commercial exploitation of the Lorena Gold Project.

HopgoodGanim has also acted for Meridien Retirement Living in the cessation of its four-year retirement sector joint venture with AMP Capital.

The transaction saw investment bank JPMorgan provide $95 million by way of mezzanine and convertible facilities, allowing Meridien's existing debt facilities to be refinanced. The value of Meridien's retirement portfolio of assets is around $700 million.

Partners Luke Mountford and Paul Cullen advised on the deal, along with consultant Joe Ganim and associate Kim Hinton.

Mallesons Stephen Jaques acted for JPMorgan, Clayton Utz for AMP, Minter Ellison for NAB and Freehills for Trust Company Australia.

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HopgoodGanim acts on double
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