Carey Olsen advises Bushveld

Posted: 16/01/2018

Lawyers from Carey Olsen’s corporate practice in Guernsey have advised AIM-listed mineral project developer Bushveld Minerals on two transactions, including the launch of listed company AfriTin Mining.
Most recently, Carey Olsen has advised Bushveld on its acquisition of 55 per cent of Bushveld Vametco from Yellow Dragon Holdings.
The $12.3 million acquisition, which completed on 21 December, gives Bushveld ownership of 100 per cent of the issued share capital of vanadium metal specialist Vametco.
Under AIM rules, the deal constituted a reverse takeover, with the terms of the acquisition requiring shareholder approval and the re-admission of Bushveld to AIM.
Carey Olsen's involvement in the acquisition follows the firm's advice in relation to the recent demerger of Bushveld's tin mining assets from the Bushveld group. The 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 focus on the development of its vanadium and coal assets in Southern Africa and Madagascar.
The Carey Olsen team, led by Partner Tony Lane with assistance from Associate Holly Cova, advised Bushveld on both transactions, working alongside Gowling WLG as UK Counsel.

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