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THE EXCELLENCE Awardees for the capi-
tal markets include the first oil and gas SPAC
transaction in Canada, the second-largest
cross-border equity financing by a Canadian
company in 2023, a $1.8 billion deal in which
the controlling shareholders agreed to take
lower consideration than minority share-
holders, and the consolidation of omson
Reuters' outstanding common shares. All
winners in this category had deals valued
at over $1 billion, and all involved creative
methods to deal with complicated financing,
disclosure, or other issues.
Among the Excellence Awardees are Burnet
Duckworth & Palmer LLP, Bennett Jones
LLP, and Blake, Cassels & Graydon LLP for
their involvement in Hammerhead Resources'
business combination with Decarbonization
Plus Acquisition Corporation IV (DCRD) to
form Hammerhead Energy Inc. (HEI). BD&P
partner Lindsay Cox, Bennett Jones partners
John Mercury and John Lawless, and Blakes
partner Chad Schneider worked on the deal.
Valued at $1.39 billion, the deal is the first
oil and gas special purpose acquisition compa-
ny (SPAC) transaction in Canada and one of
only a handful of cross-border SPAC complet-
ed deals involving a Canadian target.
DCRD was a SPAC incorporated in the
Cayman Islands. As such, this deal involved
corporate and securities laws in three differ-
ent jurisdictions – the continuance of DCRD
from the Cayman Islands to Alberta, a court-
approved plan of arrangement under the
Business Corporations Act (Alberta), and the
filing of a non-offering long-form prospectus
with the Alberta Securities Commission and
the Ontario Securities Commission.
e second Excellence Awardee includes
Blakes for its lead role in advising Pembina
Pipeline Corporation in its offering of sub-
scription receipts issued at $42.85 per sub-
scription receipt for total gross proceeds of
approximately $1.28 billion. Blakes partners
Jeff Bakker and Chad Schneider led the deal.
Pembina's subscription receipts offering
was the second-largest cross-border equity
CAPITAL MARKETS
Hammerhead Resources' business combination with Decarbonization Plus Acquisition
Corporation IV, forming Hammerhead Energy
Bennett Jones LLP (for Decarbonization Plus Acquisition Corporation IV)
Blake Cassels & Graydon LLP (for the Special Committee of the Board of Directors of
Hammerhead Resources Inc.)
Burnet Duckworth & Palmer LLP (for Hammerhead Resources)
Pembina Pipeline Corporation's $1.28 billion offering of subscription receipts
Blake Cassels & Graydon LLP (for Pembina Pipeline Corporation)
Stikeman Elliott LLP (for underwriters)
Thoma Bravo's acquisition of Magnet Forensics Inc.
Blake Cassels & Graydon LLP (for Magnet Forensics)
Dentons Canada LLP (for Special Committee of Magnet)
Goodmans LLP (for Nellore)
McMillan LLP (Canadian Counsel for Thoma Bravo)
Thomson Reuters' US$2.2 billion return of capital and reverse-stock-split transaction
Torys LLP (for Thomson Reuters)
CANADIAN LAW FIRM INVOLVEMENT (CLIENT)
