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.
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.
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.”
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
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.
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
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.
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
Vimy Completes Successful Equity Raising and Announces Share Purchase Plan Offer
Vimy Resources Limited (ASX:VMY) is pleased to announce that gross proceeds of A$3.9 million was successfully raised through a placement to institutional and sophisticated investors.
Commitments received from new and existing institutional and sophisticated investors for a well-supported A$3.9 million Placement
Funds will be used to strengthen the Company’s balance sheet, and undertake an exploration program at the Alligator River Project, as well as to update the Definitive Feasibility Study at the Mulga Rock Project
A Share Purchase Plan (SPP) will shortly be offered to eligible shareholders to raise up to an additional A$3.0 million
Intends to make formal offer to acquire 100% of Canadian-based, Ecuador-focussed Core Gold Inc. (TSXV: CGLD)
Compelling strategic rationale for merger, to create an emerging Latin American focused gold explorer, developer and producer, with a large portfolio in Ecuador and Peru, as well as a substantially stronger balance sheet
Offer to include 2.5 fully paid ordinary shares of Titan for each Core Gold common share held, valuing Core Gold shares at CAD$0.422 – a 164% premium to the Core Gold closing price on 13 September 2019
This intended offer is on improved terms than the previous plan of arrangement proposal
Titan has acquired all of Core Gold’s secured debt in the principal amount of US$2.5 million in order to ensure the long term success of the Core Gold assets
Yellow Cake plc (“Yellow Cake” or the “Company”) Statement re: Section 232 Decision on U.S. Uranium Imports
Yellow Cake, a specialist company operating in the uranium sector with a view to holding physical uranium (“U3O8”) for the long term, notes the decision by President Donald Trump to implement no new trade restrictions on uranium imports into the United States following the Section 232 investigation into the matter.
As part of the decision not to introduce new trade restrictions, the President also announced the establishment of a United States Nuclear Fuel Working Group. The Working Group will report back to the President within 90 days, and will examine the current state of US domestic nuclear fuel production to reinvigorate the entire nuclear fuel supply chain, consistent with United States national security and non-proliferation goals.