KWM has advised existing client, Navarre Minerals Limited (Navarre), on its purchase of Queensland’s Mt Carlton Gold Mine, and associated assets, from Evolution Mining Limited (Evolution).
The acquisition, with a total purchase price of up to A$90 million, covers the fully operational Mt Carlton open pit and underground gold mining operation, as well as the nearby Crush Creek project.
Navarre announced the signing of the acquisition agreement with Evolution on 5 October 2021, following the completion of a bookbuild for an underwritten equity raising of up to AU$40 million, mainly to fund the upfront consideration component of A$25 million.
The acquisition completed this week, following satisfaction of all relevant conditions precedent, including a shareholder vote on 15 November to approve the share placement for the equity raising.
KWM is proud to have advised Navarre on all legal aspects of the transaction and share placement. The KWM team was led by partners, Scott Langford and Will Heath, supported principally by senior associates Evelyn Peter, James Semit and David Vincent. Scott and Will commented: “We congratulate our valued client, Navarre, on achieving this transformational acquisition. We are thrilled to have been able to assist Navarre on the transaction, and look forward to supporting Navarre into the future as it becomes a gold producer with bright prospects.”
Linked is a copy of Navarre’s 5 October ASX Announcement in relation to the transaction and equity raising.