Nord Gold plc
Confirmation of Intention to Float on the London Stock Exchange
London, 10th June 2021: Following the announcement by Nord Gold plc (“Nordgold” or “the Group”), the internationally diversified pure-play gold producer, on 3 June 2021 of its expected intention to float, the Group today confirms its intention to undertake an initial public offering (the "IPO" or the "Offer") and certain details of the Offer. Nordgold intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities (together, "Admission"). The Shares have been admitted to trading on the Moscow Exchange and trading is expected to commence on or shortly after Admission. The final offer price in respect of the Offer (the "Offer Price") will be determined following a book-building process, with Admission currently expected to occur in late June/early July.
Russia’s Nordgold prepares for London IPO
Latest gold miner to choose UK capital for listing as metal’s price rallies
By: Henry Sanderson
Russian gold miner Nordgold plans to list in London as it looks to take advantage of a rebound in the gold price.
The company intends to sell a 25 per cent stake to investors, including via a secondary listing in Moscow, said people familiar with the company. It is set to file a registration document this week. The miner is the latest to come to the UK capital to capitalise on interest in gold, after prices surged last year following the onset of the pandemic. Canada’s Yamana Gold listed in London last year, while Endeavour Mining is set to join the market this month.
Bacchus Capital Advisers are financial advisers to Nordgold while Citi, JPMorgan and VTB are global coordinators for the offering.
Boutique Bacchus Capital expands into North America with veteran dealmaker hire
By Paul Clarke
Monday May 10, 2021 12:01 am
A boutique advisor set up by the former head of European investment banking at Jefferies four years ago, is opening its first office outside of the UK by launching in North America.
Bacchus Capital, headed by Peter Bacchus — a former senior dealmaker at Jefferies, who was also global head of metals and mining investment banking at Morgan Stanley — has hired veteran investment banker Steven Latimer to kick-start its new North America unit.
Titan Minerals Signs Term Sheet for the Sale of Zaruma Mine & Portovelo Process Plant for US$15.0 million
Titan Minerals has entered into a term sheet with Pelorus Minerals for the sale of its non-core Zaruma Mine and Portovelo Process Plant assets
Consideration is US$15 million in staged cash payments plus a 2% net smelter return royalty on future copper production from the Zaruma Mine concessions
The sale of the Zaruma Mine and Portovelo Process Plant will strengthen the Company’s cash position and balance sheet
London / Vancouver
Euro Manganese Announces Private Placement to Accelerate High-purity Manganese Development
AUD$30.0 million (CAD$29.0 Million) private placement oversubscribed, with strong institutional participation
Proceeds of the Offering will be used to further advance Chvaletice Manganese Project, allowing completion of all site and technical work required for a final investment decision expected in 2022
Offering was anchored by a strategic investor and an ESG-focused fund, with strong support from several existing institutional shareholders
Demand for high-purity manganese products continues to grow rapidly, bolstered by recent market developments
Proposed Purchase of Uranium, Placing of New Ordinary Shares and Retail Offer
Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, today announces its intention to conduct a non-pre-emptive placing of new ordinary shares in the Company (the "Placing Shares") at the Placing Price (as defined below) to raise a minimum amount of approximately US$110 million (the "Placing").
Highlights of the Placing
Intention to raise minimum gross proceeds of approximately US$110 million through the Placing
The proceeds of the Placing will be used:
to fund the purchase of at least 3.5 mmlb of physical uranium ("U3O8") under the Company's agreement with JSC National Atomic Company Kazatomprom ("Kazatomprom") (the "Kazatomprom Framework Agreement") at a price of US$28.95 /lb; and
to pay certain costs associated with the Placing and for working capital and general corporate purposes alongside the potential opportunistic purchase of additional uranium for value.
The Company believes that the current level of the uranium price offers a compelling buying opportunity. Compound supply curtailments, particularly Cameco suspending operations in 2020 and subsequently producing only 5 mmlb of uranium during the year and Kazatomprom continuing to 'flex down' production by 20% through 2022 have created an increasingly tightened and imbalanced market, which is beginning to translate into strong support for uranium equities and significantly expanded interest in uranium as an asset class; however, this is yet to meaningfully impact reported uranium spot prices, with the spot market being exceptionally thinly traded, and utilities slow to react.
Russian Miner’s IPO Could Fill In London’s Gold Hole
Nordgold might meet investor appetite for a new buccaneer. It helps that bullion is still shining.
Clara Ferreira Marques27 January 2021, 22:30 GMT
Over two decades, Africa-focused Randgold Resources Ltd. earned a reputation for running efficient operations in tough places, with lustrous shareholder returns and a premium valuation to match. Since Mark Bristow's outfit agreed to merge into Barrick Gold Corp. in late 2018 to create a bullion mining giant traded in North America, there's been a space open on the other side of the pond for a midsize swashbuckler.
Nord Gold, owned by the family of Russian oligarch Alexey Mordashov, wants to fill that gap.
Russian Gold Miner Nordgold Aims to List in $5 Billion London IPO
Published in the Wall Street Journal
By Alistair MacDonald and Ben Dummett
Updated Jan. 20, 2021 11:04 am ET
Russian gold miner Nord Gold UK Societas, or Nordgold, is looking to list in London as early as this summer, capitalizing on the precious metal’s long price run to become the largest mining company to float globally in at least five years, according to people familiar with the matter.
Nordgold’s initial public offering could value it at more than $5 billion and would float over 25% of the company, some of these people say. With two Canadian gold miners moving their listing to the U.K., Nordgold’s IPO is a boost for London’s financial district amid concerns that Brexit makes it less attractive.
The company has already hired banks to lead the IPO, according to a person familiar with the matter. Bacchus Capital is Nordgold’s financial adviser for the possible offering.
Paul Cahill Transitioning to BCA Advisory Board
Following the successful establishment of Bacchus Capital Advisers Limited (“BCA” or “the Company”) as an independent investment and merchant banking platform four years ago by Peter Bacchus, Paul Cahill, Richard Allan and Chris Johannsen, and as anticipated at the outset, Paul Cahill has decided to transition onto the BCA Advisory Board and agreed to act as Chairman of that Board. He will continue as a Director of BCA and will remain closely involved in BCA’s business on behalf of key clients and in supporting new strategic initiatives for BCA. He remains a significant shareholder in the Company.
Peter Bacchus, Chairman and CEO of BCA, said: “We are delighted that Paul will remain closely involved with us and committed to supporting the continuing success of Bacchus Capital. His significant experience, knowledge and networks in the metals and mining sector, resulting from his roles as an investment banker and as a senior executive in the Anglo American Group, will be very valuable to us as we continue to grow the business.”
London / Vancouver
Mkango Appoints Bacchus Capital As Strategic And Financial Adviser
Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce the appointment of Bacchus Capital Advisers Limited (“Bacchus Capital”) as strategic and financial adviser, encompassing mergers and acquisitions, takeover defence, strategic and other financial advice.
Ironbark Mandates Bacchus Capital Advisers to Assist with Reaching FID in 2021
Ironbark Zinc Limited (“Ironbark”, “the Company” or “IBG”) is pleased to update its shareholders with respect to the appointment of London based Bacchus Capital Advisers (“BCA”) to assist the Board with achieving a positive Final Investment Decision (“FID”) in 2021.
BCA, led by Peter Bacchus, has extensive experience in resource capital markets, including in the northern hemisphere, where Ironbark is expected to focus its FID process in 2021. Peter Bacchus has raised in excess of $15bn in public and private capital for the global natural resources sector, and completed some of the industry’s most transformational transactions
Mandate is for an initial 12-month period and BCA’s broad scope of work covers potential debt & equity raisings, M&A and takeover defence, considerations pertaining to potential project partners, and major commercial opportunities
The IBG Board believes that BCA is well positioned to assist the Company to address these key challenges
Euro Manganese Announces Private Placement
C$11.4 Million (A$12.0 million) private placement oversubscribed, with strong institutional participation
Euro Manganese to place order for its demonstration plant immediately
VANCOUVER, British Columbia, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is pleased to announce a private placement financing (the "Offering") of 1,933,246 common shares ("Shares") and 58,066,754 CHESS Depositary Interests ("CDIs", with each CDI representing one Share), at a price of C$0.19 per Share or A$0.20 per CDI, for aggregate gross proceeds of approximately C$11.4 million (A$12.0 million) (the "Offering").
Net proceeds of the Offering will be used by the Company to further progress its Chvaletice Manganese Project in the Czech Republic (the “Project”), including the purchase, installation and operation of the Demonstration Plant, advancing the Project’s permitting and feasibility study, and for general corporate purposes. The issue was oversubscribed and received strong support from both new and existing shareholders, including a number of new institutional and specialist resources investment funds.
Bacchus Capital Leads Third Successive Gold Sector M&A Transaction in 2020
Advises Golden Star Resources on the Sale of the Bogoso-Prestea Gold Mine for up to US$95 million
Bacchus Capital advises Golden Star Resources on the sale of its Bogoso-Prestea gold mine in Ghana, for a purchase price of up to US$95 million
Further demonstrates Bacchus Capital’s cross-border M&A credentials following its lead advisory role on Titan Mineral’s successful contested public takeover of Canadian listed Core Gold in January 2020, and Nordgold’s ongoing contested takeover of ASX listed Cardinal Resources
Nordgold announces UNCONDITIONAL on-market ALL CASH offer for Cardinal
Nordgold is pleased to announce an unconditional on-market cash offer to acquire all of the ordinary shares in Cardinal that it does not already own
Consideration of A$0.66 per share represents a 164% premium to the closing price on 13 March 2020, the last trading day prior to the announcement of Nordgold’s indicative proposal and request for due diligence to Cardinal (“Preliminary Proposal”), and is 10% higher than the highly conditional proposal subsequently announced by Chinese group Shandong Gold
Values Cardinal at A$347 million / US$241 million based on 100% of the ordinary equity on issue
Accepting shareholders will receive full cash consideration within 2 business days (on a T+2 basis)
Offer represents a compelling opportunity for Cardinal shareholders to realise certain and immediate value
Global Partner Search Process Launched with Bacchus Capital Advisers
Vancouver, Canada (May 28, 2020) – Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”), holder of 100% of the rights to Chvaletice Manganese Project (the “Project”) in the Czech Republic, is pleased to announce that it has initiated a process with its financial adviser, Bacchus Capital Advisers (“BCA”), to secure a strategic partner to assist with the development of the Project.
Bacchus Capital Leads Recent Consolidation in Global Gold Sector
Advises on Nordgold's acquisition of 19.9% stake and A$227m pre-conditional proposal to acquire Cardinal Resources
- Bacchus Capital advising Nordgold on its acquisition of strategic stake and A$227m pre-conditional proposal to acquire ASX listed Cardinal Resources
- Follows successful contested public takeover of Core Gold in Canada by Bacchus client Titan Minerals in January 2020
TITAN MINERALS RECEIVES OVERWHELMING SUPPORT FOR TAKEOVER OF CORE GOLD - MORE THAN 80% OF CORE SHARES TENDERED
FINAL OFFER EXTENSION AND INTENT TO PURSUE DELISTING OF CORE GOLD AND ACQUIRE ALL OUTSTANDING CORE SHARES VIA SECOND STEP AMALGAMATION
Core Gold shareholders have now tendered 82.34% of the outstanding Core Shares to the Offer
Titan to take up and pay for the Core Shares tendered to date
Upon take-up of the deposited Core Shares, Titan will hold 83.31% of Core Gold, including the 5.48% held on commencement of the Offer
Having secured in excess of the 66.6% requirement, Titan now intends to pursue the delisting of Core Gold, and the acquisition of remaining Core Shares via a second step transaction
In order to gain immediate final acceptances, Titan has extended the period Core Gold shareholders have to tender their Core Shares under the Offer until 9:00 a.m. (Toronto time) on February 7, 2020. No further extensions are anticipated
All conditions of the Offer have been met
TITAN MINERALS SUCCESSFUL IN BID FOR CORE GOLD
ALL OFFER CONDITIONS NOW MET WITH TITAN MEETING MINIMUM TENDER CONDITION
Titan meets Minimum Tender Condition to Core Gold Offer with 54.2% of Core Shares now tendered by Offer Expiry
Titan to take up Shares tendered to date and pay for the Shares taken up
Titan has extended the period Core shareholders have to tender their Shares under the Offer until 9:00 a.m. (Toronto time) on January 27, 2020
All conditions of the Offer have now been met with Titan shareholders approving Core Share Issue at a General Meeting held on January 13, 2020
British Columbia Securities Commission (BCSC) dismisses application alleging misrepresentations in Titan’s bid for Core
Fully Underwritten A$3.5 Million Placement
Titan Minerals Limited (ASX: TTM) (“Titan”) is pleased to announce it has received firm commitments to raise gross proceeds of A$3.5 million via the issue of 21,875,000 new fully paid ordinary shares ("Shares") at an issue price of A$0.16 per Share ("Placement"). The Placement was strongly supported by domestic and offshore sophisticated and institutional investors. Canaccord Genuity (Australia) Limited acted as underwriter and lead manager to the Placement.
Euro Manganese Appoints Bacchus Capital Advisers and Provides Demonstration Plant Strategy Update
Bacchus Capital Advisers appointed as Euro Manganese’s financial adviser.
Update on ongoing discussions with potential customers regarding qualification of high purity manganese products from the proposed Chvaletice demonstration plant.
Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is please to report as follows:
Financial Adviser Appointment
Euro Manganese has appointed Bacchus Capital Advisers (“Bacchus Capital” or “BCA”) as its lead strategic and financial adviser, to provide support to the Company’s management and board of directors, as it advances with the financing and development of the Chvaletice Manganese Project, including the proposed Chvaletice demonstration plant. BCA will deliver tactical and strategic advisory services, including assistance with offtake arrangements and financing, leveraging its extensive international investor and industry network.
Titan Minerals Provides Update on Core Gold Offer
On 16 September 2019, Titan Minerals (“Titan”) announced its intention to make a public offer to the shareholders of Core to acquire all of the outstanding shares in Core. The formal offer made on 30 September 2019 included 2.5 fully paid ordinary shares of Titan for each Core common share held (the “Offer”), valuing Core shares at CAD$0.422. Titan has elected to increase the offer to 3.1 shares of Titan for each Core share (the “Increased Offer”).
The Increased Offer values Core at CAD$0.523 per Core share.
Offer raised to 3.1 Titan Minerals Ltd (“Titan”) shares for each Core Gold Inc (“Core”) share, an increase of 24% over the original offer, representing a 227% premium to Core’s undisturbed price immediately prior to the announcement of Titan’s bid
Core’s major shareholders enter into irrevocable lock-up undertakings to accept Titan’s bid.
Titan is now in receipt of lock-up arrangements for 76.4 million Core shares, or approximately 45.8% of Core’s share capital, in addition to the 9.2 million Core shares (5.5%) which Titan already owns
51.3% of the issued and outstanding shares and votes in Core (including Titan shares) have accepted or entered into lock-up arrangements.
Titan proposing to undertake a A$3.5 million equity placement and enter into a US$10 million debt facility