On June 15, 2023, SCR-Sibelco NV (“Sibelco”), a Belgian based global material solutions company closed a C$13 million investment in Avalon Advanced Materials Inc. (“Avalon”). Sibelco purchased 109,692,764 Common Shares at a price of C$0.092264 per Common Share in a private placement which resulted in Sibelco owning 19.9% of Avalon. Sibelco also advanced C$3 million to Avalon in the form of a convertible debenture.
The financing was completed concurrently with an agreement to establish a joint venture on Avalon’s Separation Rapids petalite-lithium project in Thunder Bay, Ontario.
Fasken advised Sibelco with a team led by Nancy Eastman and Brian Graves which included Bradley Freelan, John Turner, Dyna Zekaoui, Josh Hersh, Zach Austin, Chris Steeves, Allyson Roy, Aaron Stefan, Paul Casuccio, Huy Do, ZiChen Gao, Michael J. Bourassa, Sarah Benoit (paralegal), Andrea Chabot (paralegal), Tina Mahadeo (paralegal).
Jurisdictions
- Belgium
- Canada
- Ontario
