On May 16, 2002, African Rainbow Minerals Gold Limited ('ARMgold'), a South African gold mining black empowerment company, listed on the JSE Securities Exchange in Johannesburg, South Africa, completed the international private placement of approximately ZAR1.5 billion. ARMgold was incorporated in 1997 and has since become South Africa's fifth largest gold producer and the eleventh largest gold producer worldwide. ARMgold expects to produce in excess of one million attributable ounces of gold in 2002.

RBC Capital Markets acted as underwriter of the international portion of a ZAR1.5 billion (US$140M) private placement of shares, raising 60% of the offering from investors in Canada, the US, Europe and Australia. BoE Merchant Bank, based in South Africa, raised 40% of the offering in South Africa. Fasken Martineau's London office provided securities and corporate law advice to RBC Capital Markets on the international portion of the offering. Derek Linfield (corporate/mining and mining finance), of Fasken Martineau's London office, led the team with assistance from Jodi Katz and Georald Ingborg (corporate), and Jean-Francois Hébert (securities) of Fasken Martineau's Québec City office.