McMillan, Davies, Blakes also legal counsel this week
Stikeman Elliott and Cassels are serving as legal counsel in the $903.5 million merger of two uranium mining firms. McMillan, Davies, and Blakes also assisted in deals this week.
Saskatchewan-based IsoEnergy Ltd. and Toronto-based Consolidated Uranium Inc. signed an agreement for a merger to create a uranium company with an estimated equity value of approximately $903.5 million.
Stikeman Elliott LLP is serving as legal counsel, and Canaccord Genuity Corp. is acting as financial advisor, to IsoEnergy.
Cassels Brock & Blackwell LLP is serving as legal counsel, and TD Securities Inc. is acting as financial advisor, to Consolidated Uranium.
Upon deal completion, existing IsoEnergy and Consolidated Uranium shareholders will own approximately 70.5 percent and 29.5 percent of the combined company, respectively.
President and CEO of IsoEnergy, Tim Gabruch, commented:
"We are very excited by this transaction as it creates a new, diversified, industry leading uranium development and exploration company of greater scale that is focused on growth in Canada, the United States and Australia, the world's premier uranium jurisdictions,” said IsoEnergy President and CEO Tim Gabruch. “This Merger provides our existing shareholders and new investors with an even greater opportunity to participate in the tremendous upside potential of our asset portfolio at a time when sentiment and support around the nuclear sector and the uranium industry in particular are increasingly positive.”
"There is a great deal of common ground between IsoEnergy and Consolidated Uranium,” said Consolidated Uranium Chairman and CEO Philip Williams. “The asset portfolios and culture of our two companies are complementary and, together, provides our respective shareholders with exposure to a larger company that consists of a proven leadership team, a strong pipeline of development and exploration growth prospects as well as an enhanced position within capital markets. We look forward to partnering with IsoEnergy to work towards the successful growth of the Company and its robust asset portfolio.”
The deal is expected to be completed in the fourth quarter of 2023.
West Fraser Timber Co. Ltd., headquartered in Vancouver, signed an agreement with US-based Atlas Holdings wherein West Fraser will sell two of its pulp mills in Western Canada to Atlas for a combined total of approximately $165 million (US$120 million).
McMillan LLP is serving as legal counsel and TD Securities Inc. is acting as the exclusive financial advisor to West Fraser.
Davies Ward Phillips & Vineberg LLP is serving as legal counsel to Atlas.
The pulp mills included in the transaction are the Quesnel River Pulp mill in Quesnel, British Columbia, and the Slave Lake Pulp mill in Slave Lake, Alberta.
Upon deal completion, the Quesnel River and Slave Lake pulp mills will be operated by Millar Western Forest Products, an Edmonton-based forest products firm that joined the global Atlas family of manufacturing and distribution businesses in 2017.
“We believe this transaction provides these two great assets and teams a strong strategic future while allowing West Fraser to focus our resources on our objective to be the premier wood building products company in North America,” said West Fraser President and CEO Ray Ferris. “Atlas Holdings and Millar Western bring deep experience in the pulp sector, and we look forward to continuing to work together as a key fibre supplier to Quesnel River Pulp.”
Millar Western CEO David Anderson said, “Our team intends to continue investing in these high-quality mills and we look forward to collectively strengthening our product offerings and value proposition to the global BCTMP marketplace.”
Atlas Partner Neil Mahajan said, “Millar Western is highly respected as a leader in wood products in the region and beyond and we look forward to welcoming the Quesnel River and Slave Lake mills to the Atlas family of companies.”
Argentina Lithium & Energy Corp. entered into a definitive agreement with Stellantis, the automaker behind brands such as Chrysler and Alfa Romeo, wherein Argentina Lithium will sell 20 percent of its shares to Stellantis in an investment valued at approximately $123 million (US$ 90 million).
The deal includes a seven-year offtake agreement for up to 15,000 tonnes of lithium annually based on market prices.
Blakes, Cassels & Graydon LLP and Alfaro-Abogados SC are serving as Canadian and Argentinian legal counsel, respectively, to Argentina Lithium. PI Financial Corp. is acting as financial advisor to Argentina Lithium.
“We are delighted to have Stellantis as a partner in the future development of our lithium projects in Argentina,” said Argentina Lithium President and CEO Nikolaos Cacos. “Together, we share a vision to build a sustainable lithium mining operation for the future. We look forward to a strong and successful relationship with Stellantis and we are committed to delivering a sustainable lithium product that will contribute to the electrification of transportation and the protection of our atmosphere.”
The deal is expected to close on or about October 4, 2023.
