LEXPERT MAGAZINE
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NOVEMBER/DECEMBER 2018 19
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CORPORATE TRANSACTIONS OF IMPORTANCE
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Tomchak (litigation). Arizona Mining was also represented in the
State of Arizona by Fennemore Craig, P.C. with a team led by Sarah
Strunk (corporate) and Dawn Meidinger (regulatory).
CANOPY GROWTH
ESTABLISHES BC TWEED
CLOSING DATE: JULY 5, 2018
On October 11, 2017, Canopy Growth Corp. (Canopy Growth) en-
tered into a definitive joint venture agreement to form a new com-
pany, BC Tweed Joint Venture Inc. (BC Tweed) together with a large-
scale greenhouse operator (the Partner) to develop 1.3 million square
feet of greenhouse growing capacity in British Columbia. As consid-
eration for entering into and operating BC Tweed, Canopy Growth
issued the Partner 310,316 common shares of Canopy Growth over
two tranches. At the time of the agreement, Canopy Growth owned
67% of BC Tweed.
On July 5, 2018, Canopy Growth acquired the remaining 33%
stake of BC Tweed Joint Ventures Inc. In connection with this ac-
quisition, Canopy Growth paid $1 million in cash and issued $374
million worth of shares to the Partner. In addition, Canopy Growth
issued $20 million worth of common shares in connection with an
option to acquire certain future infrastructure from the Partner, sub-
ject to certain conditions.
BC Tweed significantly supplements Canopy Growth's industry
leading production portfolio and provides Canopy Growth with up
to 3 million square feet of greenhouse growing capacity. Since the for-
mation of BC Tweed, over 1.7 million square feet has been licensed
for production to meet oncoming recreational cannabis demand
across the country.
Cassels Brock & Blackwell LLP acted for Canopy Growth Corp.
and BC Tweed with a deal team composed of John Vettese, Cathy
Mercer, Aly Somani, Jonathan Sherman and Amanda Metallo (busi-
ness, securities, cannabis and M&A), Rob Lysy (real estate and can-
nabis) and Jim Morand (tax).
Mogan Daniels Slager LLP acted for the Partner with a team
composed of Benjamin Slager and Andrew Bull (business and M&A).
WHEATON PRECIOUS METALS CLOSES
GOLD AND PALLADIUM STREAMING
AGREEMENT WITH SIBANYE GOLD
CLOSING DATE: JULY 25, 2018
On July 25, 2018, Wheaton Precious Metals Corp. (Wheaton),
through its wholly-owned subsidiary Wheaton Precious Metals In-
ternational Ltd. (Wheaton International), closed a gold and palla-
dium streaming agreement with Sibanye Gold Ltd. (Sibanye).
Under the streaming agreement, Wheaton International has paid
US$500 million as an advance payment to Sibanye in exchange for an
amount of gold equal to 100% of the gold production from Sibanye's
Stillwater mining complex in Montana over the operating life of the
assets and an amount of palladium equal to: 4.5% of palladium pro-
duction from the Stillwater assets until 375,000 ounces are delivered
to Wheaton International; thereaer, 2.25% of palladium produc-
tion until a further 175,000 ounces are delivered; and subsequently
1% of palladium production for the life of the Stillwater assets.
In addition, Wheaton International will make ongoing payments
equal to a maximum of 18% of the spot gold price and spot palladium
price until the balance of the upfront cash payment is reduced to zero.
ereaer, ongoing payments will be a maximum of 22% of the spot
gold price and spot palladium prices.
e streaming agreement is effective July 1, 2018.
Wheaton was represented in-house with a team led by Curt Ber-
nardi, Senior Vice President, Legal & Corporate Secretary and Ta-
mara Howarth, Senior Legal Counsel. Cassels Brock & Blackwell
LLP acted as external counsel for Wheaton with a team that included
Mark Bennett, Alex Iliopoulos and Alexander Pizale (securities and
mining), and David Budd and Jennifer Wasylyk (financial services).
Crowley Fleck PLLP acted as Montana counsel to Wheaton with a
team that included Joshua Cook (mining), Alan Bryan (real estate/
finance) and Nate Good (corporate). Werksmans Attorneys acted as
South African counsel with a team that included Chris Stevens and
Jared Nickig (mining).
Fasken Martineau DuMoulin LLP acted as counsel to Sibanye
with a team composed of Brian Graves, Laura Konkel and Janet
Howard (mining), John Torrey, Stuart Brotman and Dave Ferris
(banking) and Mitchell aw (tax). Linklaters LLP acted as United
States counsel to Sibanye with a team that included Tom Shropshire
