24 January 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised FinnAust Mining plc (“FinnAust”), an exploration company with extensive mining assets in Finland, on its reverse takeover by Centurion Resources plc (the “Company”). The consideration for the reverse takeover is £7.7m to be satisfied by the issue of shares in the Company.
The Company, which is listed on AIM, has also raised £3.4m through a placing to fund the development of FinnAust’s portfolio of copper and nickel projects in southern Finland. The Company has now changed its name to FinnAust Mining Plc.
Western Areas Limited (“Western Areas”), the ASX listed Australian nickel company with a market capitalisation exceeding A$500m subscribed for placing shares which, together with its consideration shares, result in it being the largest shareholder in the Company. Western Areas’ CEO, Dan Loughter, and general manager – commercial, Graham Marshall, will join the board as part of the transaction.
Chris Kilburn, corporate partner at WFW in Singapore, led the WFW team, with assistance from corporate associates Gareth Burge and Hayley Arrow in London.
SP Angel Corporate Finance LLP acted as nominated advisor and joint broker, while Sanlam Securities UK acted as joint broker. Kerman & Co LLP acted for the Company. Field Fisher Waterhouse LLP acted for the nominated adviser and joint brokers.
Chris Kilburn, partner said: “Market conditions on AIM have been showing signs of improvement but can still be challenging for junior exploration companies so it was good to see this reverse takeover and placing complete. The enlarged company is now funded to enter a new and interesting phase as it seeks to progress its drilling plans and advance its projects in Finland.”