August 9, 2022
Doyle's Guide

Minters advises Shandong Gold in $227.5 million share subscription

James Phillips, Minter Ellison

Minter Ellison has advised Shandong Gold International Mining Corporation in the company’s subscription to approximately 4.55 billion new fully-paid ordinary shares in Focus Minerals Limited.  At A$0.05 per new share the deal will allow Focus to raise A$227.5 million .

The Placement is subject to a number of conditions, including Shandong Gold obtaining Chinese regulatory approvals, Foreign Investment Review Board approval, the approval of Focus shareholders and no material adverse change.

Minter Ellison Partners involved in the deal included James Philips (partner, M&A, Sydney), Sophie Chen (partner, China / M&A, Sydney) and  Adam Handley (partner, Energy and Resources / M&A, Perth).

If the Placement is approved Shandong Gold will hold 51% of all Focus Minerals shares (on a fully diluted basis), and will appoint 3 representative directors to the existing Focus board of 4 directors.

Focus Minerals has four producing gold mines located at Coolgardie and Laverton in the eastern goldfields region of Western Australia and has 1,650 square kilometres of tenement holdings and an existing mineral resource of 4.3 million ounces1 of gold. The investment by Shandong Gold will allow Focus Minerals to pursue growth opportunities and unlock the potential of its large tenement holdings and resource base.

Minter Ellison Partners involved in the deal included James Philips (partner, M&A, Sydney), Sophie Chen (partner, China / M&A, Sydney) and  Adam Handley (partner, Energy and Resources / M&A, Perth).

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