McMillan, McCarthy Tetrault, Torys, Cassels, BLG, Bennett Jones also legal counsel this week
Deal: Merger of Australia’s Paladin, British Columbia’s Fission to create multi-asset uranium firm
Value: $1.14 billion
Fasken and Blakes are serving as counsel in Australia-based Paladin Energy’s $1.14 billion offer to acquire British Columbia’s Fission Uranium. Also in this week’s deals roundup are McMillan, McCarthy Tetrault, Torys, Cassels, BLG, and Bennett Jones as legal advisors.
Australia’s Paladin Energy Limited agreed to acquire Fission Uranium Corp, based in British Columbia, in a $1.14 billion deal anticipated to create a multi-asset uranium company.
Fasken Martineau DuMoulin LLP and Corrs Chambers Westgarth are serving as Canadian and Australian legal counsel, respectively, to Paladin. Macquarie Capital is acting as a financial advisor.
Blake, Cassels & Graydon LLP is serving as legal counsel to Fission, with SCP Resource Finance as financial advisor. Cantor Fitzgerald represented Fission's Special Committee as a financial advisor.
Upon deal completion, existing Paladin and Fission shareholders will own approximately 76 percent and 24 percent of the enlarged Paladin, respectively.
“The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia,” said Paladin CEO Ian Purdy. “Fission is a natural fit for our portfolio with the shallow high-grade PLS project located in Canada's Athabasca Basin. The addition of PLS creates a leading Canadian development hub alongside Paladin's Michelin project, with exploration upside across all Canadian properties.”
“The combination of Fission and Paladin will create a world-class diverse uranium producer,” said Fission President and CEO Ross McElroy. “With commercial production at Langer Heinrich and further development milestones at PLS, this opportunity will create a diverse pureplay uranium company with current production and a deep pipeline of near and mid-term assets available to investors.”
The deal is expected to be completed in September 2024, subject to customary closing conditions.
Great Canadian Entertainment, Canada’s leading gaming and hospitality company, has signed an agreement to sell its landmark Vancouver Island property, Casino Nanaimo, to Petroglyph Development Group Ltd. (PDG), a corporation owned by the Snuneymuxw First Nation.
McMillan LLP is serving as legal counsel to Great Canadian. McCarthy Tétrault LLP is serving as legal counsel to PDG, with KPMG Corporate Finance Inc. as a financial advisor.
Great Canadian CEO Matt Anfinson said, “As the operator of Casino Nanaimo since its inception in 1986, we believe that under Petroglyph's steady management, this transaction will provide Casino Nanaimo, its guests, and team members with an exciting new chapter.”
Snuneymuxw Chief Mike Wyse said, “We celebrate our partnership with Great Canadian and our entry into B.C.'s casino industry. We are committed to bringing Snuneymuxw's local expertise to an established tradition of outstanding guest service and meaningful community contributions.”
PDG President Erralyn Joseph said, “The Snuneymuxw group of companies are profoundly honoured to support Snuneymuxw economic growth in significant and meaningful ways. In addition to our pending acquisition of the business, we are honoured to announce the return of the associated land once closing is completed, a part of the Snuneymuxw xwsol'lexwel village.”
Under the terms of the agreement, Great Canadian will provide transition services to Petroglyph for up to two years post-closing. Great Canadian's Board of Directors unanimously approved the transaction.
Nevada Copper and associated Reno-based copper mining companies had their US Chapter 11 proceedings recognized under Part IV of the CCAA.
The proceedings involved various legal advisors: Torys for the companies, Miller Thomson for the directors, Cassels for the information officer, BLG for Trisura Guarantee Insurance Company, McCarthy Tétrault for KfW IPEX-Bank GmbH, Bennett Jones for Mercuria Investments, and Blakes for the DIP lenders. A&M served as the information officer.
The companies reported liabilities amounting to $493.1 million, with secured liabilities totaling $279.2 million, of which $188 million is owed to a syndicate led by KfW IPEX-Bank GmbH. Their operations focused primarily on developing the Pumpkin Hollow project, situated about 90 kilometers southeast of Reno, Nevada.
