The firm says the merger creates significant potential
DLA Piper has advised gold producer Pantoro on its acquisition of Tulla Resources, a deal that will see the creation of a new mid-cap ASX-listed gold company.
The two companies have hammered out a merger deal that will have Pantoro gain full ownership and control of the Norseman gold project in the Eastern Goldfields of Western Australia. Pantoro and Tulla, a diversified resources house, each had a 50% stake in the project.
The consolidation of the Norseman gold project is being carried out via a UK scheme of arrangement. This includes the demerger of certain industrial mineral assets, proposed consolidation and refinancing of existing debt facilities, and the issue of Australian-listed scrip consideration.
Pantoro has also launched a two-tranche institutional placement to raise $75 million to support the acquisition. The firm said that it will use proceeds from the placement to fund the Norseman ramp-up work, invest in exploration and ore reserve growth, and provide working capital.
“The transaction creates significant potential for brownfield and greenfield exploration, while securing 100 percent ownership of the Norseman battery and base metals mineral rights,” said corporate partner James Nicholls. “In an era when battery and base metals are hotly contested, the acquisition effectively secures those rights for shareholders.”
The DLA Piper team was led by Nicholls, senior associate Kirsty Hall, and solicitor Emily Donley. They were also assisted by partner Alex Jones and senior associate Matthew Robers with respect to mining law and joint venture matters; partner Owen Alcorn and solicitor Basil Joseph on baking and finance; and partner Robert Newman and legal director Karin Kirchsner on UK legal and regulatory matters.
“The acquisition is testament to the cross-border capabilities and multi-practice area expertise of DLA Piper. We were delighted to advise Pantoro on this important mandate,” James added.
DLA Piper topped Mergermarket’s M&A league tables for the 13th year in a row and was involved in 1,131 transactions worldwide in 2022.
