Fladgate celebrates a bumper run closing five AIM deals for clients in the energy and resources sector

Fladgate’s capital markets team has had an impressive run to the end of 2017 after successfully closing its fifth AIM listed transaction last week. Sirius Petroleum’s proposed re-admission to AIM and US$21.5m fundraising follows deals for Angus Energy, Papua Mining, Tri-Star Resources and Tiger Resource Finance. More details below:

Sirius Petroleum plc: readmission to AIM as an operating company and US$21.5m fundraising

Fladgate LLP has advised AIM listed Sirius Petroleum plc on its proposed readmission to trading on AIM as an operating company, contemporaneous with a US$9.5m equity placing and entry into a convertible loan facility of US$12m with London Oil & Gas Limited. The combined proceeds of the placing and the convertible loan facility will allow the Company to drill the Ororo-2 well, offshore Nigeria, and bring it into production in accordance with the Ororo Joint Operating Agreement. Sirius has a 40% economic interest in the Ororo field. The transaction is subject to shareholder approval at a general meeting to be held on 18 December 2017.

Fladgate has acted for Sirius since its incorporation in 2004.The Fladgate team was led by capital markets partner David Robinson assisted by partner John Forde, corporate associates Orit Rioumine Gold, David Lee and Caroline Philipps, trainee solicitor Christopher Wilkinson and paralegal Rebecca Felton.

Angus Energy plc: £3m placing

Fladgate LLP has advised AIM listed Angus Energy plc on its £3m placing to increase the group’s capitalisation and financial flexibility. Net proceeds from the placing will be used to pay operational and associated costs related to the development of the Holmwood prospect; fund capital expenditures; assist with funding business development and potential acquisition activities; and provide further working capital for the group. Angus Energy is an independent UK onshore oil and gas development, production and operations company and OGA-approved operator.

Angus Energy was advised by capital markets partner Paul Airley, assisted by corporate associate Victoria Miller.

Papua Mining plc: acquisition of BGM Investments and £2m placing

Fladgate LLP has advised AIM listed Papua Mining plc on its agreement to acquire the entire issued share capital of BGM Investments Pty Ltd (a private Australian company with three projects covering gold, copper, silver and zinc exploration targets in Queensland, north eastern Australia) and a conditional placing to raise up to £2m. Papua Mining is a gold and copper exploration company with interests in the Pacific Rim.

Papua Mining was advised by capital markets partner Nigel Gordon, assisted by senior corporate associate Zehra Kofturcu, corporate associate Mary Hennessy and employment associate Caroline Philipps.

Tri-Star Resources plc: US$6m investment in Oman joint venture company SPMP

Fladgate LLP has advised AIM listed Tri-Star Resources plc on its US$6m investment, via a mezzanine loan, to Omani company Strategic & Precious Metals Processing LLC (SPMP).  The investment is to assist SPMP with further development of the Oman Antimony Roaster Project, an antimony and gold production facility, which is located in Sohar, Sultanate of Oman.  Tri-Star has a 40% equity interest in SPMP. Tri-Star Resources is a technology and mineral processing company engaged in the exploration, mining and downstream value added processing for a minor metal, antimony.

Tri-Star Resources was advised by capital markets partner David Robinson, assisted by senior associate Zehra Kofturcu.

Tiger Resource Finance plc: open offer to shareholders

Finally, Fladgate LLP has also advised AIM listed Tiger Resource Finance plc on its recent open offer to shareholders. Tiger Resource Finance is an investment company focused on the resource sector.

Tiger Resource Finance was advised by capital markets partner Nigel Gordon, assisted by corporate associate David Lee.

Fladgate has a specialist energy and resources team which brings together lawyers with experience in energy, oil and gas, mining and renewables, both in the UK and overseas, across a range of legal disciplines, including corporate finance, commercial contracts, mergers and acquisitions, construction and engineering contracts, projects and disputes.

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