Guernsey based lawyers assist in major AIMs transactions

Wednesday 17 January 2018

AIM-listed Bushveld has undertaken two significant transactions with assistance from Carey Olsen.

Lawyers from Carey Olsen’s corporate practice in Guernsey have advised longstanding client Bushveld Minerals Limited (Bushveld), an Alternative Investment Market listed mineral project developer, on two transactions which both say are "highly significant".

Most recently, Carey Olsen advised Bushveld on its acquisition of 55% of Bushveld Vametco Limited (Vametco) from Yellow Dragon Holdings Limited. 

The US$12.3 million deal, which completed on 21 December 2017, gives Bushveld ownership of 100% of the issued share capital of Vametco – a significant player in the global vanadium market.

Carey Olsen's involvement in the deal follows the firm's advice in relation to the recent demerger of Bushveld's tin mining assets from the Bushveld group. That demerger involved Bushveld transferring its tin mining assets to AfriTin, a newly formed Guernsey-registered company, the admission of AfriTin to AIM and a £4.5 million equity raising by AfriTin. The demerger allows Bushveld to concentrate on the development of its vanadium and coal assets in Southern Africa and Madagascar.

A Carey Olsen team, led by partner Advocate Tony Lane, with assistance from associate Holly Cova, advised Bushveld on both transactions, working alongside Gowling WLG as UK counsel. 

Advocate Lane said: "Having advised Bushveld for a number of years, we are delighted to have been able to help guide the company to the successful conclusion of these transformational transactions, and to help establish the tin business as a separately listed entity. With AfriTin now able to focus entirely on becoming a primary tin producer, and with Bushveld able to refocus on its vanadium and coal platforms, we look forward to continuing to assist both companies in their further development."  

Pictured: Advocate Tony Lane of Carey Olsen’s Guernsey office