Perth, 24 April 2018: Clayton Utz has advised Toronto Stock Exchange (TSX) listed Canadian copper producer Copper Mountain Mining Corporation (CMMC) on its scrip for scrip acquisition of ASX-listed Altona Mining by scheme of arrangement, and its subsequent secondary listing on the Australian Securities Exchange. As part of the acquisition, CMMC issued to Altona shareholders common shares trading as CHESS Depositary Interests on ASX.
Under the Altona acquisition, CMMC has acquired a development project, a large mineral land tenure position in Queensland and A$30 million in cash, creating a leading dual TSX and ASX listed copper producer.
Perth-based partner Brett Cohen and special counsel Liz Humphry led the firm's advisory team, which included lawyer Milana Drca. Brisbane-based partner Stuart MacGregor and senior associate Patrick Cranley led the due diligence of Altona's Queensland assets, and partner Cameron Belyea and lawyer Alex Snell led the court aspects of the scheme process. Leading Vancouver firm Farris, Vaughan, Wills & Murphy LLP advised CMMC as lead Canadian counsel.
Commenting on the transaction, Brett said: "This is the second TSX-listed company we have assisted to gain a secondary listing on the ASX in the last six months. This increase in ASX-TSX activity by resources companies has coincided with the sustained increases in commodity prices in recent times."