News

London,
23 October, 2018
 

From: African Mining Intelligence

Bacchus Capital leads the way in mining mergers and acquisitions

Bacchus Capital Leads the Way in Mining Mergers and Acquisitions

Founded by the former Head of Mining & Metals at Morgan Stanley, Bacchus Capital’s portfolio of African clients has been going from strength to strength.

To find partners to both invest and operate its Ghanaian gold mining project Gbane, Australian junior Cassius Mining recently sought the advice of Bacchus Capital Advisers.
Registered in London in 2016, this financial consultancy firm is well-versed in mergers and acquisitions with specific knowledge of and experience in the African mining sector.
Bacchus Capital boss, Peter Bacchus, previously was the Global Head of Mining & Metals at Morgan Stanley and European Head of Investment Banking at Jefferies. His clients included First Quantum Minerals and Rio Tinto. Today, Bacchus is a board member of South African gold producer Gold Fields and Kenmare Resources, operator of the Moma titanium mine in Mozambique.
Bacchus Capital has no less than three managing directors, all of whom were mining sector bankers: Richard Allan, who also previously worked for Morgan Stanley and Jefferies as well as Citigroup; Chris Johannsen, a former executive at Standard Chartered bank; and Paul Cahill, previously Head of Business Development at Anglo American.

 

 

RNS
Release

London,
5 July, 2018
 

Yellow Cake plc
Admission to AIM and First Day of Dealings

Yellow Cake plc
("Yellow Cake" or the "Company")

 MAJOR INITIATIVE IN URANIUM COMMODITY LAUNCHED BY BACCHUS CAPITAL

Admission to trading on AIM and First Day of Dealings

Yellow Cake, a specialist company operating in the uranium sector with a view to hold long term physical uranium ( "U3O8"), is pleased to announce that its ordinary shares  have today been admitted to trading on the AIM market of the London Stock Exchange under the ticker YCA ("Admission") and ISIN JE00BF50RG45.

Yellow Cake was created and incorporated by Bacchus Capital Advisers ("Bacchus Capital") to offer shareholders exposure to the uranium price, without the risks associated with investment in companies that explore for, develop, mine or otherwise process uranium. Additionally, the Company intends to use its expertise in order to exploit a range of expected opportunities connected with owning U3O8; including the trading of U3O8, optimisation of logistics associated with the trading of U3O8, generating revenue from the lending of U3O8, and uranium-based financing initiatives such as commodity streaming and royalties.

Admission details:

  • In conjunction with the Admission, the Company has successfully raised gross proceeds of approximately £151 million (c. US$200 million) through an oversubscribed placing and subscription of approximately 76 million ordinary shares (the "Offering" together with the Admission, the "IPO") with the placing taking place at a price of 200 pence per share (the "Issue Price").

  • On Admission, the Company will have 76.2 million ordinary shares in issue.

  • The Company will utilise the proceeds of the IPO to purchase approximately 8.1 million pounds of U3O8 at a price of US$21.01 per pound under its contract with Kazatomprom (the "Contract Purchase Price"), one of the world's largest, and, understood to be, one of the lowest cost producers of uranium. This acquisition represents one quarter of Kazatomprom's annual production (2016 marketed production, prior to Kazatomprom's recently announced production cuts as reported by the World Nuclear Association) and approximately 5% of 2016 global marketed production.

  • Yellow Cake is pleased to note that the spot price is approximately US$22.55 per pound, and is approximately 7.5% higher than the Contract Purchase price, as reported by the Ux Consulting Company, LLC ("UxC") on 25 June 2018.

  • In addition to establishing Yellow Cake, Bacchus Capital acted as IPO adviser. Numis Securities Limited ("Numis") is acting as Nominated Adviser and Joint Broker to the Company in respect of the IPO. Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") is acting as Joint Broker to the Company in respect of the IPO. Olivetree Financial Limited and Scott Harris UK Ltd acted as Selling Agents

Andre Liebenberg, CEO of Yellow Cake, said:

"We are delighted  with the outcome of this offering and the strong support from investors for Yellow Cake. Due to an exceptional set of circumstances, uranium is one of the few commodities yet to recover from the recent commodities bear market and we believe that uranium is currently fundamentally and structurally mispriced.

Yellow Cake's long-term supply contract with Kazatomprom has allowed us to secure a highly significant and strategic position in physical uranium, at a competitive price, and to offer that exposure to a potential resurgence in the uranium price to investors, while avoiding direct exposure to exploration, development, mining and processing risk.

I would like to welcome our new shareholders to Yellow Cake."

Peter Bacchus, Chairman & Chief Executive of Bacchus Capital, said:

"The highly successful initial public offering of Yellow Cake demonstrates the depth and breadth of interest emerging in uranium as a commodity, and reflects the U.K. market's continued strong support for the natural resources sector where an opportunity presented is on-theme, clearly articulated and compelling in nature. 

Andre and his highly credentialed team will be outstanding stewards of the business and I wish them every success."

ENQUIRIES:

Yellow Cake plc
Andre Liebenberg, CEO, Carole Whittall, CFO
Tel: +44 (0) 153 488 5200

IPO Advisers: Bacchus Capital Advisers Limited
Peter Bacchus, Richard Allan, Paul Cahill, Shea O'Callaghan
Tel: +44 (0) 203 848 1640

Nominated Adviser and Joint Broker: Numis Securities Limited
John Prior, Matthew Hasson, James Black, Paul Gillam, Alamgir Ahmed, Henry Slater, 
Tel: +44 (0) 207 260 1000

Joint Broker: Berenberg
Matthew Armitt, Sara MacGrath, Charlotte Sutcliffe, Marie-Agnes Stolberg, 
Tel: +44 (0) 203 207 7800

Investor Relations: Powerscourt
Peter Ogden, Niall Walsh, 
Tel: +44 (0) 779 3 85 8211

 

 

RNS
Release

London,
28 June, 2018
 

Yellow Cake Prices US$200M Fundraising and Applies for Admission to Trading on AIM

Yellow Cake plc
("Yellow Cake" or the "Company")

 YELLOW CAKE PRICES US$200 MILLION FUNDRAISING
AND APPLIES FOR ADMISSION TO TRADING ON AIM

Yellow Cake, a specialist company operating in the uranium sector, created to purchase and hold U3O8, today announces that it has raised approximately US$200 million by way of a Placing and Subscriptions from institutional and professional investors.

The Company will shortly apply for Admission of its shares to trading on AIM and dealings are expected to commence at 8.00 a.m. on Thursday 5 July 2018 under the ticker YCA.

The Company's ISIN number is JE00BF50RG45 and its SEDOL is BF50RG4.

Full details of the Placing and Admission are included in the Admission Document, which will be available on the Company's website (www.yellowcakeplc.com) today. The full terms and conditions of the Placing are set out in the Admission Document. Defined terms used in this announcement shall have the meanings ascribed in the Admission Document.

ENQUIRIES:

Yellow Cake plc
Andre Liebenberg, CEO
Carole Whittall, CFO
Tel: +44 (0) 153 488 5200

IPO Advisers: Bacchus Capital Advisers Limited
Peter Bacchus, Richard Allan, Paul Cahill, Shea O'Callaghan
Tel: +44 (0) 203 848 1640

Nominated Adviser, Joint Broker and Joint Bookrunner: Numis Securities Limited
John Prior, Matthew Hasson, Paul Gillam, James Black, Alamgir Ahmed, Henry Slater
Tel: +44 (0) 207 260 1000

Joint Broker and Joint Bookrunner: Berenberg
Matthew Armitt, Sara MacGrath, Charlotte Sutcliffe, Marie-Agnes Stolberg
Tel: +44 (0) 203 207 7800

Selling Agent: Olivetree Financial Ltd
Mark Kelly
Tel: +44 (0) 203 201 1000

Selling Agent: Scott Harris UK Ltd
Tim Benton, Jamie Blewitt, Ahmed Jibrill
Tel: +44 (0) 207 653 0030

Investor Relations: Powerscourt
Peter Ogden, Niall Walsh
Tel: +44 (0) 207 250 1446

 

 

News

6 June, 2018
 

From: The Times
By: Emily Gosden

Uranium firm hopes to sell like hot cakes

Investors in London are being tapped for up to $200 million by a new company in a bet on a recovery in the price of uranium.

Yellow Cake said yesterday that its intention was to float and to use the proceeds to buy a $170 million stockpile of the radioactive metal.

It said that uranium, used to make fuel for nuclear power stations, was "fundamentally and structurally mispriced in the current market" and that a looming supply crunch would push up prices.

The company takes its name from the industry term for concentrated uranium, which is stored in barrels in a yellow powder form. It is backed by Bacchus Capital Advisers, a finance house set up by several senior investment bankers led by Peter Bacchus, a former Jefferies and Morgan Stanley banker known for working on City megadeals.

Yellow Cake's initial public offering on the junior Alternative Investment Market will offer investors direct exposure to the price through the purchase of a sizeable slice of global production.

Uranium was trading at more than $70 a pound before the Fukushima nuclear disaster in Japan in 2011, which resulted in some countries turning their back on nuclear power and a collapse in forecast uranium demand. It is trading now at about $23, with 75 per cent of global production thought to be loss-making. This has stifled investment in new mining operations. However, countries such as China are increasing investment in nuclear power, prompting forecasters to predict an increase in demand for uranium.

Yellow Cake has agreed to buy 8.1 million pounds of physical uranium from Kazatomprom , the Kazakh company that is the world's largest producer, at a 7.7 per cent discount to the market price. The volume equates to about 5 per cent of global production, based on 2016 data.

It plans to store a stockpile of about 10,000 drums in Canada and has a long-term supply contract enabling it to buy an additional $100 million of uranium a year for nine years.

Andre Liebenberg, chief executive, said: "Yellow Cake will offer exposure to investors looking to capitalise on the expected resurgence in the uranium price, while avoiding direct exposure to exploration, development, mining and processing risk."

The company said it would "generate value through the ownership of physical uranium together with a range of activities and opportunities ... such as the trading of uranium, optimisation of logistics associated with the trading of uranium, generating revenue from the lending of physical uranium and uranium-based financing initiatives such as commodity streaming and royalties".

Shares in Yellow Cake are expected to be admitted to trading next month.

 

 

News

5 June, 2018
 

From: FT
By: Neil Hume

Yellow Cake heads for London listing to bet on uranium ‘mispricing’

A vehicle planning to make a big bet on the price of nuclear fuel uranium has announced plans to float on the London Stock Exchange.

Named after the raw form of the commodity, Yellow Cake is seeking to raise between $150m to $200m from investors, which it will use to buy 8.1m pounds of the radioactive material, according to people familiar with its plans.

The vehicle has already struck a deal with Kazatomprom , the world’s largest uranium producer, to buy up to $170m of the metal at a 7.7 per cent discount to the current spot price.

In addition, it has an option to purchase a further $100m of uranium each year from the company for the next nine years.

Uranium is one of the few commodities that failed to benefit from a broad-based rally in the sector even though several big producers, including Kazatomprom have announced plans to lower output in an attempt to bring the market back into balance.

The Fukushima nuclear disaster in 2011 slashed projections for demand for the fuel. That caused uranium prices to fall by almost 60 per cent from a record high of more than $70 a pound. Today the metal is trading at $22.75.

By purchasing a quarter of Kazatomprom ’s annual output — or 5 per cent of global marketed production — Yellow Cake is hoping to tighten the market, which it claims is “structurally mispriced”. It also believes nuclear power will play a key part in the green energy revolution.

“Due to an exceptional confluence of events, uranium is one of the few commodities yet to recover from the recent commodities bear market. We believe that uranium is fundamentally and structurally mispriced in the current market, and on a historical basis,” said Yellow Cake chief executive Andre Liebenberg.

“Yellow Cake will offer exposure to investors looking to capitalise on the expected resurgence in the uranium price, while avoiding direct exposure to exploration, development, mining and processing risk,” he added.

Its shares will be listed on the junior AIM market with admission slated for early next month. Yellow Cake’s chairman is Lord St John of Bletso and one its non-executive directors is Alexander Downer, Australia’s High Commissioner to the UK.

Yellow Cake was founded by Peter Bacchus, a former natural resources investment banker. His management company 308 Services will be the buying agent for Yellow Cake. It will also manage and store its uranium and in return will receive a fee.

Numis Securities and Berenberg are joint bookrunners to the flotation.

 

 

News

4 June, 2018
 

From: Daily Telegraph
By: Jon Yeomans

City veteran to lead float of Yellow Cake with expectations of uranium price rebound

A FORMER investment banker is leading the flotation of a new company that plans to buy up and store huge quantities of uranium in anticipation of a jump in its value.

Peter Bacchus, previously of Jefferies and Morgan Stanley, is masterminding the initial public offering of Yellow Cake, which is seeking to raise between $160m (£120m) and $200m that it will use to buy 8.1m pounds of the radioactive metal, used in nuclear reactors. It is understood that Yellow Cake - so named for the yellowy tint of powdered uranium - has struck a supply deal with Kazatomprom, the world's largest producer of uranium, to buy around $170m worth of the metal at a 7pc discount to the current spot price of around $22 a pound.

The deal means that Yellow Cake will snap up almost a quarter of Kazatomprom's annual output in one swoop, taking an estimated 5pc of global supply off the market.

Mr Bacchus' pitch to investors is that uranium is "structurally mispriced" and set for a huge rebound in value once big nuclear power plants realise they need to secure new supply.

Yellow Cake will store its Kazakhstan-bought uranium in facilities in Canada operated by listed giant Cameco.

It plans to sit on the material until such time as the price recovers enough to justify a sale of its stockpile, or even seek a buyer for the whole business.

The company is likely to announce a float on London's AIM later this week. It could be one of the largest fundraising on the junior market in years, and is expected to have a free float of 99pc, with management holding the balance, giving it a market cap of up to £250m.

Mr Bacchus is best known in the industry for helping Rio Tinto defend against a takeover approach by BHP Billiton a decade ago. He set up Bacchus Capital, an advisory firm, a year ago, and will become a director on the Yellow Cake board.

It is understood that Lord St John of Bletso is lined up to be chairman of the venture while Alexander Downer, former foreign secretary of Australia, will be a non-executive director.

Uranium prices slumped after the Fukushima disaster in Japan in 2011 and have remained in the doldrums ever since despite a recent push by China to commission more nuclear power stations.

Prices on the open market are so low that it is thought that around 50pc of global uranium production is lossmaking.

As a result, many uranium producers are closing mines, leading to a tightening of supply.

But while most industry observers expect the price to rebound, opinion differs over the timing of any recovery.

Although Yellow Cake's business model is a new one to London investors, Toronto-listed UPC has a similar strategy, offering shareholders the chance to benefit from a rise in the uranium price.

 

 

News

Perth,
March, 2018
 

From: Australian Resources & Investment
Volume 12, No. 1
By: Barry Fitzgerald

 

Antipa talks hotspots, strategies and game changers for 2018

As it was, the Paterson Province became something of a hotspot last year, with Antipa in the thick of things. Junior companies, in general, were more active in the province, buoyed by improved commodity prices and greater investor recognition that testing the region’s potential for another big deposit – it is home to Newcrest’s Telfer (32,000 ounces of gold and one million tonnes of copper) and Metal X’s Nifty copper mine (two million tonnes of copper) – was still in its infancy.

Then excitement levels grew when mining giant Rio Tinto increased its footprint in the region by lodging tenement applications covering almost 6000 square kilometres of ground adjacent to its big-spending Citadel joint venture ground with Antipa.
Adding to the upbeat mood was Newcrest’s decision to spend $93 million to extend the life of its Telfer gold-copper mine, an important infrastructure support base in the region. It was against that backdrop that Antipa made major headway last year, both on the exploration front, and in advancing its development opportunities in the Province. Work on both fronts, to Antipa’s own account, and in the $60-million Citadel joint venture with Rio, steps up again in 2018.

To ensure full market recognition of the value of its Paterson presence, Antipa recently signed up Bacchus Capital as a strategic and financial adviser. Bacchus will also assist in fielding the increase in inquiries to Antipa from ‘various interested parties’, which followed Rio’s move to increase its presence in the province, Newcrest’s commitment to Telfer, and Antipa’s release of a maiden resource estimate for its wholly owned North Telfer project. ‘We thought there could be some action in the province in terms of mergers and acquisitions, or farm-ins,’ says Antipa Executive Chairman, Stephen Power. ‘We want to be prepared for that and ensure we aren’t caught on the hop. We also want to make the most of it.’

Although yet to be fully reflected in Antipa’s market valuation, the November 2017 release of the maiden resource for the North Telfer project was something of a game changer for Antipa in that it put the company on the pathway to becoming a producer.
The resource estimate covered the Minyari and WACA deposits, 40 kilometres north of Telfer. The total Indicated and Inferred resource estimate was 11 million tonnes grading two grams per tonne of gold, 0.234 per cent copper and 380 parts per million of cobalt for 723,000 ounces of gold, 26,000 tonnes of copper and 4,000 tonnes of high-value cobalt. Antipa sees the resource estimate as very much the start of the story.

In the second half of 2017, it carried out an aircore drilling program that extended the strike length of Minyari and WACA, as well as refining other targets. The results of the program will essentially guide the ongoing exploration at Minyari and WACA in 2018.
‘It’s all about getting more ounces on the board so we can take it forward and get ourselves into a production scenario,’ Power says.

The opening months of 2018 will also see forward drilling plans revealed for the exciting Tim’s Dome prospect (35 kilometres south-west of Minyari-WACA), and the Chicken Ranch prospect (25 kilometres south-east of Minyari-WACA).  Results from an aircore drilling program conducted at Tim’s Dome in the second half of last year confirmed the prospect’s outstanding exploration potential. ‘Because of their proximity we have the ability to work up several decent sized deposits,’ Power says. ‘Tim’s Dome is something that we are particularly interested in because it sits on the same structure as Telfer. You can actually see Telfer from Tim’s Dome, they’re that close'. Significant gold mineralisation from near surface extends over a strike length of four kilometres.

Gold mineralisation at Chicken Ranch – 15 kilometres from Telfer – has been identified along three kilometres of strike. Meanwhile, Rio has the next two years to fund another $5.5 million in exploration on the Citadel joint venture ground with Antipa, to earn an initial 51 per cent stake under the $60 million farm-in arrangement, which could take it to a 75 per cent interest.

 

 

ASX Release

Sydney,
22 February, 2018

 

Bacchus Capital Retained as Strategic and Financial Adviser to Cassius Mining Limited

Bacchus Capital Retained as Strategic and Financial Adviser

Cassius Mining Ltd ("Cassius" or "Company") (ASX:CMD) is pleased to announce that it has engaged Bacchus Capital Advisers Limited ("Bacchus Capital") to act as its Strategic and Financial Adviser.

Whilst the Cassius Board is committed to evaluating every opportunity to pursue the company's development plans for the Gbane Project (pronounced Bah-nee), a gold exploration project in the Upper East Region of Ghana, in its own right, the Cassius land position and exploration activities have begun to capture significant industry and market attention. The appointment of Bacchus Capital will enable the Board and management to consider and evaluate interest from various interested parties, as well as to consider other opportunities in the region, in order to deliver the best outcome for our shareholders.

Bacchus Capital's principal focus will be to assist the Company's Board and management in connection with its corporate strategy and development plans regarding the Gbane Project. The Gbane Project is located along strike from, and shares its licence boundary with, Cardinal Resources Limited's Namdini Project and is directly adjacent to the established gold producing Shaanxi Gold Mine.

Bacchus Capital's Managing Director and Co-Founder, Paul Cahill commented:

"Cassius' land position in the Upper East Region of Ghana, in which several gold exploration and mining companies are active, makes Cassius one of Africa's most exciting and under-appreciated exploration and development companies.  Our decision to act as the Company's Strategic and Financial Adviser is based on our strong belief in the Cassius team and the Company's potential to deliver significant value to its shareholders."

Cassius Chief Executive Officer, James Arkoudis, said:

"Cassius is very fortunate to be able to work with Bacchus Capital, whose Partners have very significant experience and an impressive track record in providing strategic and financial advice over several decades. The Bacchus Capital team has been actively involved in establishing some of the world's most successful mining companies from the very earliest stages and has played a key role in many of the mining industry's most significant transactions. We believe that their focus on building long term relationships, together with the depth of their investor and industry relationships, will provide significant benefits for our shareholders."

As part of the terms of engagement of Bacchus Capital, and in accordance with ASX Listing Rule 3.10.3, the Company advises that Bacchus Capital (or its nominee) will be immediately issued 3 million unlisted options at an exercise prices that is 1.4 times the VWAP of Cassius ordinary shares for the 30 trading days prior to the date upon which Bacchus Capital was retained as Cassius' Strategic and Financial Adviser.  Such options will be exercisable until 15 December 2020.

 

 

Media Release

Perth,
17 January, 2018

From: MiningNews
By: Michael Quinn

 

Antipa Makes Key Strategic Appointment

ANTIPA Minerals’ appointment of corporate advisory Bacchus Capital represents a potentially very interesting development in 2018 for the greenfields explorer that holds a major position in the Paterson Province.

The connection with Bacchus followed the London-based firm’s successful work with ASX-listed Lepidico, which has enjoyed a stellar rise in the market in recent months after warding off a takeover attempt by Lithium Australia and attracting investment from lithium producer Galaxy Resources.

Lepidico’s board features Gary Johnson and Mark Rodda, both of whom are on Antipa’s board.

Antipa has been having good success on the ground in the Paterson in recent years, including attracting Rio Tinto into a major joint venture.

However the success hasn’t translated into much market attention.

Chairman Stephen Power told MNN that a common line of questioning by investors for the company during marketing last year in North America was ‘what’s wrong’ given the junior’s recent market capitalisation of little more than A$20 million.

Enter Bacchus, now mandated to “act as strategic and financial advisor”.

Bacchus enters the fray with Rio active in the region both with Antipa and in its own right – and with the issues Rio has at Grasberg and in Mongolia, making a big copper find in Australia would arguably be more welcome than normal – and with Newcrest recently committing $93 million to cut back the pit at Telfer and extend the life of the open cut to 2023.

And there’s Metals X which has recently entered the region with big ambitions at Nifty and elsewhere on its ground, plus the Kintyre uranium asset and Newcrest’s little promoted (but said to be promising) O’Callaghans tungsten find. 

Bacchus’ has got its gig with Antipa underway by making comparisons between Telfer and the Carlin Trend in the USA.

“The Telfer deposit within the Paterson has remarkable similarities to the Carlin Trend deposits of Nevada, USA where similar structures to Telfer have, since the original Carlin discovery in 1961, continued to produce very large deposits commonly exceeding 15 million ounces,” Bacchus said.

Antipa and another keen junior explorer in the region, Encounter Resources, will be hoping such sentiments start resonating with investors.

Shares in Antipa were up 9% to 2.4c in late trade, capitalising the company at $28 million.

 

 
2017.11.23 - Year End Piece v.5.jpg
 

 

ASX
Release

Perth, 
10 October, 2017

 

Lepidico Secures Strategic Alliance with Galaxy Resources

Lepidico secures strategic alliance with Galaxy Resources

  • Galaxy agrees to subscribe A$2.9 million for 12% private placement of Lepidico Shares

  • Lepidico to offer shareholders an opportunity to participate on the same terms through a renounceable entitlement offer partially underwritten by Lead Manager, CPS Capital Group offered on a one for six basis at $0.01 per share, to raise up to approximately A$4 million

  • Total gross proceeds of up to A$7.0 million to fund Phase 1 L-Max® Feasibility Study through to final investment decision and further advance Lepidico’s resource development and exploration activities

Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to advise that Galaxy Resources Limited (ASX:GXY) (“Galaxy”) has agreed to subscribe for a 12% strategic shareholding in Lepidico via a private placement at 1 cent per share. Galaxy will acquire approximately 292 million shares in Lepidico for gross proceeds of A$2.9 million. The Company is also offering shareholders the opportunity to invest alongside Galaxy on the same financial terms, through a 1-for-6 stapled renounceable entitlement offer (“Entitlement Offer”) offered at $0.01 per share to raise up to approximately A$4 million. The Entitlement Offer is partially underwritten by CPS Capital Group Pty Ltd (“CPS”) to A$2 million.

Galaxy will be a strategic shareholder in Lepidico, with a 12% interest in the Company following the completion of a private placement of 291,750,910 Shares at 1 cent per share.

Demonstrating Galaxy’s support of Lepidico’s business strategy and the L-Max® technology, Galaxy intends to take up all its rights in the Entitlement Offer, and will nominate a representative to the Lepidico board.

The strategic alliance with Galaxy is based on a shared vision for the significant global opportunity provided by the commercialisation of Lepidico’s L-Max® technology. With its strong industry contacts and relationships in the lithium industry, Galaxy will be assisting Lepidico with future business and growth opportunities, evaluating potential synergies with their Mt Cattlin mine and James Bay projects, as well as accessing additional mica feedstock sources able to be treated by L-Max®.

In finalising its strategic investment in Lepidico, Anthony Tse, Managing Director and Chief Executive Officer of Galaxy, commented: "We are pleased to support Lepidico as it looks to expedite the commercialisation of its LMax® technology, both financially as well as offering the benefit of our technical capabilities, industry contacts and market expertise. Our alliance with Lepidico will provide us with the capability to also potentially evaluate significant mica feedstocks in future. L-Max® is an exciting technology and we look forward to leveraging it to unlock value, in order to capitalise on the ongoing growth opportunities in the lithium sector.”

The Entitlement Offer is partially underwritten by Lead Manager CPS to $2 million. Galaxy has agreed to take up its full entitlement and sub-underwrite up to $1 million in Entitlements not taken up. In addition, Bacchus Capital Advisers Ltd, Lepidico’s financial adviser, has advised its intention to take up its rights under the Entitlement Offer in full.

 

 

ASX Release

Perth,
25 July, 2017

 

Bacchus Capital Retained as Corporate Adviser to Lepidico

Bacchus Capital Retained as Corporate Adviser

Lepidico Ltd (ASX: LPD) (“Lepidico” or “Company”) is pleased to announce that it has retained Bacchus Capital Advisers Limited (“Bacchus Capital”) as its Corporate and Financial Adviser. 
 
Bacchus Capital’s principal focus will be to help conclude a strategic funding and lithium chemical offtake arrangement for Lepidico’s Phase 1 L-Max® Plant Project.  The Project is currently the subject of a Feasibility Study, the scope of which was announced to the ASX on 27 February 2017.  
 
Whilst the Lepidico Board is committed to pursuing the Company’s development plans in its own right, Lepidico has received considerable interest in its activities from a range of lithium industry and battery market participants.  The appointment of Bacchus Capital, working alongside the management team, will enable the Company to engage with these parties globally to deliver the best outcome for shareholders.  
 
Bacchus Capital advised Lepidico in relation to its recent successful hostile takeover defence and under the terms of this engagement has elected to receive the majority of its fee in Lepidico shares.     
 
Bacchus Capital’s Chairman and Chief Executive, Peter Bacchus commented, “We were very pleased to help successfully safeguard Lepidico’s independence from the recent unsolicited takeover offer.  Our decision to act in this capacity was based on our strong belief in the Lepidico team and the Company’s long-term strategy, and we look forward to continuing our relationship as both Corporate Adviser and as Shareholder.” 
 
Lepidico’s Managing Director, Joe Walsh said, “Bacchus Capital has an unrivalled reputation and track record in strategic and tactical M&A and corporate advisory services that spans several decades with some of the world’s largest and most successful mining companies globally. This, coupled with its depth of international industry relationships makes for a winning combination for Lepidico.  Bacchus Capital’s equity interest in Lepidico demonstrates its belief and commitment to the Company’s strategy and I welcome Bacchus Capital as a shareholder.” 

 

 

News

London,
15 March, 2017

 

From: Street Talk
By: Sarah Thompson; Anthony Macdonald;
Joyce Moullakis

High-Profile Resources Banker Peter Bacchus Joins Lepidico Defence, Starts Boutique

The hostile takeover tussle for lithium technology company Lepidico, by Western Australia rival Lithium Australia, just got more interesting.
    
Street Talk understands Lepidico, developer of the innovative LMax technology, has stepped up its defence of the all-scrip offer by luring heavyweight banker Peter Bacchus into its camp.
    
Bacchus was Jefferies Group's global head of metals and mining and co-head of European investment banking until last year and also had stints at Morgan Stanley and Citigroup. He is best known for defending mining giants, including Rio Tinto and WMC.

So, what brings Bacchus to Lepidico? He is said to be a strong believer in the LMax technology, which could revolutionise lithium supply to global battery manufacturers, crucial to the electric car industry and energy storage.

Bacchus is also on the board of Australia's largest lithium miner, Galaxy Resources, and will know a thing or two about industry players and the market dynamics for one of the world's lightest metals.

Interestingly, he's just started his own London-based advisory firm, Bacchus Capital Advisers, joining the ranks of former bankers forging into the independent corporate finance and merger advice platform.  
    
Sources said Bacchus would be joined at his new firm by Paul Cahill, former group head of business development at Anglo American, Chris Johannsen, a founder of Australian advisory firm Gryphon Partners (subsequently acquired by Standard Chartered), and former Morgan Stanley banker, Richard Allan. They are all co-founders and partners in the boutique. 
    
The lithium sector has been in focus in the past 12 months due to expectations of burgeoning demand. A recent report by the IW Cologne economic institute noted global demand for lithium was expected to soar in coming years as motorists and fleet managers switch to electric-powered vehicles, adding demand for the light metal, also used in mobile phones and the ceramic industry.

 

 

Press Release

London,
6 March, 2017

 

Karr McCurdy, former Chief Executive of Behre Dolbear, to join Bacchus Capital Advisers

 

Karr McCurdy has joined the Senior Advisory Board of M&A investment bank, Bacchus Capital Advisers. 

Mr McCurdy previously served as the Chief Executive Officer of Behre Dolbear, the World’s leading independent global mineral advisory and technical consultancy, and in this capacity led assignments across 50 countries annually, specialising in providing technical and strategic analysis for natural resource companies, financial institutions, governments and international agencies.  Prior to this Mr McCurdy held senior managerial roles at Standard Chartered Bank and Citigroup, where he built international, sector focused banking and advisory practices.

Peter Bacchus, Chairman & Chief Executive of Bacchus Capital Advisers, commented;

“Karr has over 35 years of geologic and project development experience, combined with a background in executive management, finance and technical advisory.  He has completed more than 200 transactions valued in excess of $100bn, and personally visited hundreds of mines and down-stream operations. As a geologist, he discovered and developed the Pueblo Viejo gold mine in the Dominican Republic.  I am delighted to welcome him to our team.”

Mr McCurdy, who is based in Denver, Colorado, holds an MBA from the Thunderbird School of Global Management, and a BSc Geological Studies from the University of Michigan.  He is a partner with Rock Elm Capital Management, a private investment firm supporting the global natural resource industry, and is a search and rescue officer for the Central Arizona Mountain Rescue Association.

 

 

Press Release

London,
12 December, 2016

 

Leading Team of Global Investment Bankers Reunited to form New M&A and Merchant Banking Platform...

Peter Bacchus, former Global Head of Mining and Metals Investment Banking at Morgan Stanley, has reunited with a number of senior former colleagues and clients, to form Bacchus Capital Advisers. The new firm will be an independent merchant banking platform specialising in public market M&A.

Bacchus will be joined by Paul Cahill, former Group Head of Business Development at Anglo American, Chris Johannsen, a founder of Australian boutique advisory firm Gryphon Partners (subsequently acquired by Standard Chartered), and former Morgan Stanley banker, Richard Allan as co-founders and partners. The team will also include former RBC Head of European Investment Banking, Patrick Meier and John Munro, previously Chief Executive of Rand Uranium.

Bacchus, a 25-year investment banking veteran with a career spanning the UK, US, Australia and Asia, is best known for his work in the natural resources sector, in particular leading the high profile bid defence at global mining icon Rio Tinto following the hostile approach from BHP Billiton, the largest ever public offer in the global resources sector, and WMC Resources, in its defence against Xstrata.

Bacchus Capital Advisers will initially comprise a twelve person professional team, headquartered in Central London, and with representation in Asia, the United States and Australia.