Media Release: Clayton Utz assists Osisko Bermuda Limited on US$150m copper and silver stream transactions with Metals Acquisition Limited

20 Jun 2023

Time to read: 1 minutes

Clayton Utz has acted as the Australian counsel to Osisko Bermuda Limited, a wholly owned subsidiary of TSX and NYSE listed Osisko Gold Royalties Ltd, on its copper and silver stream transactions – worth approximately US$150m plus associated equity placements with Metals Acquisition Limited (MAL).

MAL used the proceeds of these stream transactions, together with a US$230m equity raise, a US$205m senior syndicated term loan, a US$135m mezzanine loan and a US$25m revolving credit facility to fund its purchase of the CSA Mine (CSA) in Cobar, NSW from Glencore. The stream transactions and the acquisition closed on Friday 16 June 2023.

Partners Rohan Mishra (Banking & Financial Services) and Stuart MacGregor (National Energy and Resources Leader) led our firm's multi-disciplinary team, which included special counsel Andrew Holmes (Corporate, M&A & Capital Markets), senior associates Jackie Leggett (Banking & Financial Services), Tristan Appleby (Corporate, M&A & Capital Markets) and lawyer James Allen (Banking & Financial Services).

CSA is one of the highest-grade copper mines in Australia with a multi-decade operating history of consistent production and strong relationships with local stakeholders.

We're pleased to have partnered with Stikeman Elliot LLP in advising Osisko on this significant transaction.

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_{Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.}