MMFX Technologies completes institutional funding

On November 18, 2008, MMFX Technologies Corporation, a California-based materials science company, announced completion of a $55 million commitment in secured debt financing and receipt of final funding that was contingent upon the start-up of its Welland, Ontario steel mill facility (which opened on September 18, 2008). The MMFX steel mill is located in part of the facility formerly occupied and operated for many years by Atlas Steel. MMFX, assisted by Fasken Martineau, purchased the real property in 2006 and received $27 million of the financing in early 2008. Axiom Capital Management Inc. acted as the procuring agent for the transaction.

Peter Villani of Fasken Martineau had overall strategic responsibility for the transaction with MMFX Technologies and the client was advised in negotiating this cross-border financing by Fasken Martineau with a team led by Paul King (real estate) and that included, among others, Brent Lewis, Thomas Meagher and Aaron Stefan (banking), William Bies and Ronald Nobrega (tax), and law clerk Helen Dilkas (real estate).