12 LEXPERT
|
2016/17
|
WWW.LEXPERT.CA
involved with foreign deals because of our mining exper-
tise," says Fraiberg.
Among the small and mid-sized deals getting
done, many are only getting pushed across the finish line
with the help of "deferred consideration."
Anglo American, for example, sold three South Af-
rican mines to Sibanye for US$330 million. ere was
an upfront payment of cash or shares totalling about
$100 million, plus a deferred consideration calculated as
roughly 35 per cent of the free cash flow generated from
the mine operations over a defined period (with a mini-
mum guarantee of roughly $US200 million).
Anglo American also sold two Chilean copper mines
to Audley Capital Advisors LLP for US$300 million.
e deal includes conditional future payments, which
could boost the eventual price tag by US$200 million.
"I'm pointing these out because we might be seeing
more of these," says Richard Steinberg, International
Chair of the Securities and Mergers & Acquisitions
Group at Fasken Martineau DuMoulin LLP in Toron-
to. "is may be a way to bridge the value gap between
the buyer and seller on a number of uncertainties that
exist — commodity prices, the life of mines, etc."
Steinberg also points to discussion about increased
mergers of equals, which are non-cash deals that provide
scale and diversification.
He was part of the team that helped Alamos Gold
Chambers, Gordon R. Cassels Brock
& Blackwell LLP (604) 691-6106 gchambers@casselsbrock.com
Mr. Chambers's securities practice encompasses public and private
offerings of securities, regulatory requirements applicable to public
companies and M&A. His clients are principally mining companies,
including TSX-listed Australian issuers.
Chmilar, Gordon L. Gowling WLG
(403) 298-1049 gordon.chmilar@gowlingwlg.com
Mr. Chmilar's practice is focused on share and asset acquisitions and
dispositions, securities transactions and other areas of M&A. He rep-
resents issuers, underwriters and investors, and has gained extensive
experience in international mining, oil and gas, and technology-related
financings. In his M&A practice, he acts for Canadian and international-
based public and private clients.
Clare, James Bennett Jones LLP
(416) 777-6245 clarej@bennettjones.com
Mr. Clare is a corporate and securities lawyer with a focus on the mining
sector, and an emphasis on domestic and cross-border corporate fi-
nance and M&A. He also represents issuers and underwriters on general
corporate and securities law matters.
Craig, John H. Cassels Brock & Blackwell LLP
(416) 869-5756 jcraig@casselsbrock.com
Mr. Craig practises securities law with a focus on resource and mining
companies. His experience includes dealings with the TSX and OSC,
equity financings, M&A, going-private transactions and mining
concession agreements.
Crane, QC, Brian A. Gowling WLG
(613) 786-0107 brian.crane@gowlingwlg.com
Mr. Crane practises in constitutional, administrative and Aboriginal
law. He appears as counsel before the SCC, the Federal Court and the
Ontario courts. He has worked on negotiation of native land claims
and self-government agreements, and in arbitration and mediation.
Dandonneau, François Gowling WLG
(514) 392-9503 francois.dandonneau@gowlingwlg.com
Mr. Dandonneau's practice is centred on Aboriginal law, with specific
focus on matters dealing with mining and natural resources, procure-
ment, taxation and self-governance. He has acted and played a major
role in important litigation matters. He negotiated significant impact
and benefit agreements with mining companies for major projects
in Cree territory.
LEXPERT-RANKED LAWYERS
PHOTO:
SHUTTERSTOCK
