Tuesday, January 24, 2012
Travers Smith advises London Mining on the US$90m financing of Sierra Leone Mine
A Travers Smith team led by Head of Corporate Finance, Spencer Summerfield, and corporate partner Adrian West, has advised AIM-listed client, London Mining, on an equity issue, by way of a firm and conditional offering of new ordinary shares, to raise US$90m.
The net proceeds of the Placing are intended to be used primarily to fund acceleration of production at the Marampa iron ore project in Sierra Leone; and the financing comes as part of London Mining´s long term strategy to dramatically increase production by 2014.
On the financing Spencer Summerfield commented “London Mining is a long term client of the firm and we were really pleased to get on this deal. A lot of firms are trying to position themselves at the moment to take advantage of all the activity in the mining sector and resources market more generally. Africa is also increasingly becoming a hotspot for activity, as companies look to invest more of their resources in both the east and west of the continent, and the use of English law in the region is growing.”
Clifford Chance advised the underwriters, J.P. Morgan Cazenove and Liberum Capital
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