Gilbert + Tobin has advised New York Stock Exchange listed Metals Acquisition Limited on its oversubscribed and upsized Initial Public Offering (IPO) of Chess Depositary Interests (CDIs) raising A$325 million and dual-listing on the Australian Securities Exchange (ASX). The IPO was conducted at the top end of the price range of $17 per CDI.
Metals Acquisition Limited (MAC) purchased the CSA copper mine in Cobar, New South Wales from Glencore PLC in June 2023 and is focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.
Proceeds of the offer will be used for further development of MAC’s CSA Copper Mine in NSW, to pay a deferred payment due to the previous owner of the CSA Copper Mine, Glencore, to fund growth opportunities at CSA, for working capital and costs of the Offer.
Due to the significant level of investor demand, MAC upsized the size of the raising to A$325 million from A$300 million.
The G+T team advised on all aspects of the complex IPO and ASX-listing which involved the offer by MAC which is a Jersey incorporated, NYSE-listed company and its dual-listing on the ASX.
The G+T team was led by Corporate Advisory partner Simon Rear, he was supported by senior associate Michael Van Der Ende and lawyers Maree Casey, Sarah Urquhart and Adam Sibum. The G+T Corporate Advisory team was supported by partner Michael Blakiston and other expert teams from the Mining + Metals sector at G+T.
Speaking of the deal, Simon commented:
“This is a terrific result for Metals Acquisition Limited and we are thrilled to have supported them throughout listing on the ASX. It was incredibly complex, listing a Jersey incorporated, NYSE-listed company on the ASX that had recently completed a significant acquisition and de-SPAC’d. With the expanding demand for essential materials for the decarbonisation journey, we're confident in their potential to thrive in this dynamic market landscape."
Chris Rosario, General Counsel of MAC, commented:
“With a small but highly experienced and effective management team at MAC, together with the complex cross border nature of our business, we needed our advisers to ensure the process ran smoothly, issues were spotted early and pragmatic solutions provided. G+T did just that and were pivotal in assisting MAC achieve such a positive result. We greatly appreciate the dedication from the G+T team to help us achieve this outcome and look forward to working with them in the future as MAC continues on its growth trajectory.”
Other firms involved in this IPO include Barrenjoey Markets Pty Limited and Canaccord Genuity (Australia) Limited as joint lead managers and Skadden, Arps, Slate, Meagher & Flom and Ogier as US and Jersey legal advisors respectively.