Lundin Mining acquires Josemaria Resources Inc.
Torys acted as counsel to Morgan Stanley as financial advisor to Lundin Mining with a team that included Michael Amm and Daniel Masliyah (corporate/M&A).
On December 20, 2021, Lundin Mining Corporation ("Lundin Mining") announced it entered into a definitive agreement with Josemaria Resources Inc. ("Josemaria Resources") to acquire all of its issued and outstanding shares, for an implied equity value of approximately C$625 million (US$485 million).
Under the terms of the transaction, effected by way of a plan of arrangement under the Canada Business Corporations Act, in exchange for each Josemaria Resources common share held, shareholders could elect to receive either (i) 0.1487 of a common share of Lundin Mining, plus C$0.11 for each whole Lundin Mining share issued, (ii) C$1.60 cash for each share or (iii) any combination thereof, subject to pro-ration of a total maximum cash consideration of approximately C$184.5 million and a total maximum of approximately 40 million shars of Lundin Mining.
Closing of the transaction was announced on April 28, 2022, following which shares of Josemaria Resources were delisted from the TSX Exchange and Nasdaq Stockholm.
Further information can be found on Canada Newswire’s website.
Josemaria Resources is a natural resources company focused on developing the advanced stage, 100% owned Josemaria Copper-Gold Project in the San Juan Province of Argentina.
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.