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February 12, 2015 -- Locke Lord lawyers advised Australia-based minerals exploration group IronRidge on its AIM listing today that raised £9.7 million in capital to support the company’s efforts to develop high-quality, iron ore projects in Africa with its new major shareholders Assore and Sumitomo.
This is the first exploration iron ore listing on AIM in approximately 14 months. Details of the transaction are available on the company’s web site: www.ironridgeresources.com.au
James Channo, corporate partner at Locke Lord, commented: “We are pleased to have advised IronRidge on a successful fundraising and listing on AIM when market conditions have been very challenging for the mining sector, especially iron ore. Management has worked tirelessly to ensure a successful listing and fundraising and has achieved something which many would consider exceptionally difficult in current climates. It says a lot about the quality of the company’s management and assets.” Other Locke Lord team members included Sharon O’Donnell.
Hopgood Ganim lawyers Brian Moller and Peter Burge advised IronRidge on Australian matters relating to the AIM listing. SP Angel Corporate Finance LLP acted as nomad and broker to the company.
The funds raised will be used to undertake drilling and exploration programmes in respect of the Tchibanga Prospect and the Tchibanga North Prospect, two adjacent permitted areas located in the Tchibanga region in the south-west of Gabon, and the Belinga Sud Prospect, located in the north-east of Gabon as well as providing working capital for the Company.
IronRidge’s Executive Chairman Nick Mather said: "IronRidge secured two cornerstone investors in Sumitomo and Assore as part of the process of bringing IronRidge to the AIM market - this deal sets IronRidge apart from other junior iron explorers in Africa. Sumitomo and Assore will provide IronRidge with the necessary support to execute the company’s objectives, through the evolution of IronRidge from explorer to developer which is where we want to go.”
About Locke Lord
Locke Lord is a full-service, international law firm that consistently ranks among American Lawyer’s top 100 U.S. law firms. On January 10, 2015, Locke Lord LLP and Edward Wildman Palmer LLP combined to create Locke Lord LLP, a Firm of approximately 1,000 lawyers working from 23 offices to meet clients’ needs around the world. With a combined history of more than 125 years and a greatly enhanced domestic and global footprint, Locke Lord now has a stronger team of lawyers with the ability to represent private equity and venture capital clients across a broad spectrum of industries including energy, telecommunications, technology, real estate, health care and life sciences. The combined firm also experienced a significant increase in the depth of its public finance, health care, insurance, reinsurance, intellectual property, financial institutions and fund formation teams.