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Inc. and AuRico Gold Inc. combine their companies to
create a new, intermediate gold producer with a transac-
tion equity value of about US$1.5 billion.
He's not holding his breath for a ra of similar ar-
rangements. "ey're difficult to negotiate, it's difficult
to find partners of relatively equal size," Steinberg says.
"Even if you find that, it might not provide the diversi-
fication you might be looking for because they may be
operating in the same geographic location or space.
"And with mergers of equals, it's never 100 per cent
equal so there's always one company that's slightly larger
or more valuable, so they're slightly more complex to ne-
gotiate and settle."
When it comes to Canada, Chambers of Cassels
Brock says that many of the junior explorers that are po-
tentially for sale are too small to get the majors out of
bed in the morning.
"$10 million, $20 million, $30 million is just way too
small for them to bother with," he says. "It's just a reality
of the Canadian market. We may be huge in mining but
these days we have relatively few champions on a global
scale. Go back a few years and everyone was moaning
about the hollowing out of corporate Canada, particu-
larly in the resource sector. So many of our champions
have disappeared.
"We've been le with relatively few world-scale large-
cap mining companies — but an awful lot of mining and
resource expertise and experience."
Davis, Franklin L. Bennett Jones LLP
(416) 777-5099 davisf@bennettjones.com
Mr. Davis is an experienced counsel who provides strategic advice
in the areas of capital markets, corporate finance, mergers and acquisi-
tions, corporate governance and mining matters. Mr. Davis is a director
of a number of resource companies, including Torex Gold Resources
and TMAC Resources.
de Guise, Pascal Borden Ladner Gervais LLP
(514) 954-3167 pdeguise@blg.com
Mr. de Guise's practice focuses on M&A, venture capital and private equity,
public offerings, going-private transactions and corporate governance
and compliance issues. He acts for reporting issuers on the Toronto Stock
Exchange and the TSX Venture Exchange, and for private companies, start-
ups, brokers and investors. He is a member of the Autorité des marches
financiers' legal advisory committee.
Dellelce, Perry N. Wildeboer Dellelce LLP
(416) 361-3121 perry@wildlaw.ca
As Co-founder and Managing Partner of Wildeboer Dellelce LLP, one of
Canada's leading business and corporate finance law firms, Mr. Dellelce
practices in the areas of securities, corporate finance and M&A, offering
a unique blend of legal and corporate finance experience combined with
hands-on business management experience across a range of sectors
including mining, financial services and technology.
Denstedt, QC, Shawn H.T. Osler, Hoskin
& Harcourt LLP (403) 260-7088 sdenstedt@osler.com
Mr. Denstedt practises environmental, regulatory and Aboriginal law in the
energy, mining and natural resources areas. He appears regularly before
provincial and federal tribunals and is Co-chair of the firm.
Désilets, Olivier Davies Ward Phillips
& Vineberg LLP (514) 841-6561 odesilets@dwpv.com
Mr. Désilets specializes in securities law with an emphasis on corporate
finance and mergers and acquisitions. He has extensive experience in
public offerings, take-over bids, plans of arrangement, private placements,
and corporate governance matters in various industries, including mining.
He repeatedly acts for a large private-equity fund in connection with its
investments in mining companies.
Dhaliwal, Mandeep Lawson Lundell LLP
(604) 631-6742 mdhaliwal@lawsonlundell.com
Mr. Dhaliwal is a partner with Lawson Lundell LLP's banking and corporate
lending group. He acts for banks and other lenders, and mining companies
on project financings, both nationally and internationally, operating credit
facilities, equipment financing and commodity hedging arrangements.
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