Capital Markets

Advised AIM-quoted mining company Tungsten West Plc on a fundraising by way of adding an additional tranche D to its existing 2023 Convertible Loan Notes (CLN). The fundraising was completed by amending and restating the CLN to include a new tranche D to raise funds from existing CLN noteholders.

Drafted numerous corporate governance policies/documents and intercompany agreements associated with a cutting-edge sustainability company’s financing efforts.

Advised Invinity Energy Systems PLC on a strategic investment of £2.5 million by Everbrite Technology Co., Ltd. (Everbrite) into Invinity, by way of a conditional subscription of new shares in Invinity (Subscription). Everbrite is a leading Taiwanese manufacturer of industrial technology, and this investment is intended to support a closer strategic relationship between the two companies in Taiwan and further afield. The Subscription is conditional upon shareholder approval and Everbrite receiving certain necessary outbound investment approvals from the applicable regulatory authorities in Taiwan. The team was led by Joan Yu, with support from senior associate Coral Yu.

Advised Baron Oil Plc, an AIM-quoted oil and gas exploration company, on its equity fundraising of £5 million (before expenses) by way of a placing and subscription, which was oversubscribed. In addition, advised the client in connection with a separate retail offer launched to existing shareholders through the REX trading platform, giving existing shareholders an opportunity to participate in the fundraising at the issue price.

Advised AQSE-quoted Silverwood Brands Plc on a debt facility. The team acted for Silverwood in connection with an unsecured convertible loan facility of £1.5 million with Castelnau Group Limited, the closed-ended investment company trading on the Specialist Fund Segment of the London Stock Exchange, for general working capital purposes.

Joan Yu (Partner and head of U.K. Capital Markets) led the transaction, assisted by Solicitor Cameron Sutton (qualified in Western Australia) and Trainee Solicitor Sebastian Clark.

Represented joint brokers Canaccord Genuity Limited and WH Ireland Limited as part of Anglesey Mining Plc’s equity fundraising and debt restructuring. Anglesey is an AIM listed company engaged in exploring and developing its Parys Mountain property in Anglesey, Wales, which hosts a significant polymetallic zinc, copper, lead, silver and gold deposit. The equity fundraising comprised a placing and separate subscription for new ordinary shares, with the net proceeds to be applied towards advancing the Parys Mountain project through further technical activities, as well as other general working capital expenses of the company. As part of the transaction, Anglesey also undertook a debt restructuring, through a restructuring and partial conversion into further new ordinary shares of its existing working capital debt facility with its largest shareholder, Juno Limited.

Advised Baron Oil Plc on its recent oversubscribed equity fundraising by way of a placing and subscription. Allenby Capital Limited acted as the Company’s broker in connection with the fundraising.

Baron Oil is an independent AIM-quoted oil and gas exploration company which currently holds exploration acreage in the U.K. and Timor-Leste. 

The majority of the net proceeds of the fundraising will be applied towards activities in relation to the Company’s operations in Timor-Leste, namely the TL-SO-19-16 PSC (Chuditch) project, where the Company is focused on setting up a potential two-well drilling campaign for Chuditch in 2023. In addition, the Company will apply some of the net proceeds from the fundraise towards progressing key decision points on the Company’s UK P2478 Licence project situated in Inner Moray Firth.

Joan Yu, head of the U.K. Capital Markets team, led the transaction assisted by Cameron Sutton (Solicitor – qualified in Western Australia) and Sebastian Clark (paralegal).

Advised VSA Capital Limited in connection with the Rule 2.7 announcement for the recommended cash offer by Inform Information Systems Limited for the entire issued, and to be issued, ordinary share capital of Universe Group plc to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (Acquisition). VSA Capital is the financial adviser to Professional DataSolutions, Inc. and Inform for the acquisition.

A step forward in VSA Capital Group plc’s growth strategy, Armstrong Teasdale advised VSA Capital on the admission of its ordinary shares to trading on the Access segment of the Aquis Stock Exchange Growth Market.

Advised AIM-quoted oil and gas exploration company in connection with the acquisition of all its outstanding securities by way of a scheme of arrangement under English law.

Advised AIM-quoted oil and gas development company with interests in China, Indonesia and the United States in connection with its successful fundraising by way of a subscription of new ordinary shares and open offer.

Served as lead English law corporate adviser to long standing client with a growing presence in the U.K. and U.S., in connection with its acquisition of a majority stake in the second-largest U.K. motorway service operator, which attracts an estimated 85 million motorway customers per annum.

Advised AIM-quoted oil and gas exploration company on the return of cash (approx. £17.5 million) to shareholders following a sale of its flagship Sugarloaf asset in Texas.

Advised AIM-quoted gold mining company on its placing to raise $57.7 million to fund the construction of a gold mine in the Philippines and an open offer to eligible shareholders.