Squire Patton Boggs has advised Metals Exploration plc (LSE AIM: MTL) on its public takeover of AIM-quoted Condor Gold plc, by way of a scheme of arrangement, for a consideration of up to £90.1 million.
The consideration comprises a mix of cash and shares, together with a contingent value right of up to $28.8 million, based on achieving first gold pour from the La India concession, and additional resources discovered from Condor’s concessions, over a period of five years.
The Squire Patton Boggs team advising Metals Exploration was led by London Corporate partner Jayson Marks and included lawyers from across the firm’s global platform in the US, Australia and Dominican Republic.
Condor Gold plc is a gold exploration and development company operating in Nicaragua in Central America and is dual listed on AIM and the TSX in Canada.
Metals Exploration plc is a mineral resources exploration and development company listed on AIM in London. It is the 100% owner of the Runruno Gold Project located in the Northern Philippines and the Abra exploration-stage copper and gold project in the Central Cordillera region of the Philippines.
Jayson Marks commented: “We are delighted to have acted for our long-standing client Metals Exploration on this significant transaction. The acquisition enables Metals Exploration to fund the commencement of construction of Condor’s La India gold operations from the free cash flow generated by Runruno, as it moves towards its end of mine life.