6 LEXPERT
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2017/18
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WWW.LEXPERT.CA
does seem to be new hope. ere are more material fi-
nancings coming up and getting done in terms of pri-
vate placements into explorers where they're getting
capital together again. For quite a while, there was the
appearance of putting things on ice and hoping for an
improved market. We're now at the early stages of one."
Peter O'Callaghan, a partner at Blake, Cassels &
Graydon LLP in Vancouver, calls it "a funny market."
While gold outperformed the US dollar by about 10
per cent last year, he says, "I honestly expected it would
be by more than that if you look at all the geopolitical
issues around the world — the uncertainty created by
a Trump presidency, by the weirdness in North Korea,
Brexit ... I would have expected that gold would have
popped more than it did." Still, he says, there is no ques-
tion investment in gold is on the rise.
e money's coming mainly from the traditional
resourced-based investment funds, from specialty in-
vestors and from the large investment funds that are
prepared to put a little bit of money into gold, "frankly
to cover themselves off " so if gold happens to run they
don't look like they dropped the ball, says O'Callaghan.
He wouldn't call it business as usual: "Investors are
still wounded by what happened a few years ago," but
generalist funds are coming back in as well and investing
again. He too stresses it has to be a project with decent
prospects, not just clutching at straws, and "there needs
to be a good management team in place. A lot of invest-
ors are looking at the board and management. e cash
is there for the right team."
He says he's seeing a few foreign investors, especially
from China, looking at Canadian gold companies again,
but so far they've been extremely cautious, and prospect-
ive deals aren't making it across the finish line. Still,
O'Callaghan believes there's a lot of demand in China
driven by investors who want to diversify geographic-
ally. Gold's not necessarily easily transportable, but they
can buy gold and own it somewhere else, and rely on it if
the Chinese economy suddenly goes south. "So it's a bit
of a nest egg, some certainty. It's an asset class that has
a defined value and isn't subject to the same risks as an
apartment in Beijing, for example." It's also a way to get
money out of the country.
One thing investors everywhere find especially at-
tractive about Canadian gold companies — especially
Allen, Daniel M. Gowling WLG
(604) 891-2710 daniel.allen@gowlingwlg.com
Mr. Allen advises numerous public mining companies with Canadian and
international projects at various stages of exploration, development and
production, with a focus on public and private offerings of securities,
M&A and securities regulatory advice. He also provides ongoing advice
on securities and business law matters, continuous disclosure, corporate
governance and regulatory compliance.
Amm, Michael D. Torys LLP
(416) 865-8140 mamm@torys.com
Mr. Amm, co-head of the firm's Mining and Metals group, specializes in
M&A, corporate finance, joint ventures and streaming and royalty trans-
actions. He has significant international experience, including with major
China-based clients.
Antaki, Naïm-Alexandre Gowling WLG
(514) 392-9414 naim.antaki@gowlingwlg.com
In the global mining sector, Mr. Antaki provides strategic, solution-oriented
advice to Canadian and foreign businesses regarding their cross-border
activities and expansion, including on M&A, corporate finance, securities
and general advisory. Fund formation and public-private partnerships
(P3s) experience. Technology law group leader at Gowling WLG in Montréal.
Licensed in Québec and Ontario.
Armstrong, QC, Brad Lawson Lundell LLP
(604) 631-9126 barmstrong@lawsonlundell.com
Mr. Armstrong has extensive experience relating to major resource project
approvals, including regulatory processes, environmental assessments, im-
pact and benefits agreements, judicial review proceedings and injunctions.
Aycan, Nurhan Gowling WLG
(416) 814-5691 nurhan.aycan@gowlingwlg.com
Mr. Aycan is a member of the firm's Energy, Mining and Infrastructure
practice group. He advises on M&A transactions, securities and corporate
finance matters, as well as on private-equity and venture capital financings
for high-growth companies.
Baldwin, Chris G. Lawson Lundell LLP
(604) 631-9151 cbaldwin@lawsonlundell.com
Mr. Baldwin advises on mine development, construction, operation and
mining M&A in Canada and the world. His practice includes mining con-
tracts with foreign governments, IBAs with Aboriginal groups, JVs, royalties,
strategic alliances and partnerships. He is an expert witness in litigation
and arbitration.
LEXPERT-RANKED LAWYERS
"There does seem to be new
hope. … For quite a while, there
was the appearance of putting
things on ice and hoping for
an improved market. We're now
at the early stages of one."
- Sander Grieve, Bennett Jones LLP
