Allens has advised Burgundy Diamond Mines Ltd on its $234 million capital raising to acquire the world-class Ekati Diamond Mine in Canada’s Northwest Territories.
This cross-border deal has led to Burgundy becoming the largest ASX-listed diamond company, and one of the largest listed diamond companies globally.
The Allens team advised Burgundy on an equity raising via a conditional placement which consisted of an underwritten component of $193.4 million and a debt repayment component of $37 million to fund the acquisition. The conditional placement was lead managed and underwritten by Bell Potter, Aitken Mount Capital and Euroz Hartleys.
Allens also advised Burgundy on its $3.7 million share purchase plan to existing shareholders.
Following the completion of the equity raising and the acquisition of Ekati, Burgundy has now re-listed on the ASX.
‘Allens is proud to have acted on this transformational cross-border deal to create one of the largest listed diamond companies globally,’ said lead Partner Charles Ashton.
Allens worked closely with Burgundy’s Canadian legal advisers Davies Ward Phillips & Vineberg LLP to navigate the complex legal requirements of the various jurisdictions to execute the transaction.
