Acquisition of 12% of a Senegalese mining company, as the first tranche of a staged acquisition of up to 60%

Fasken advised a Nigerian oil & gas group (as the buyer) on a share purchase agreement to acquire up to 60% of the entire issued share capital of a Senegalese mining company (the “Company”) in tranches and the closing of the sale of the first tranche of shares, comprising 12% of the entire issued share capital of the Company, which holds gold and phosphate exploration permits in Senegal. The Company holds gold and phosphate exploration permits in Senegal and intends to apply for an exploitation permit in relation to its gold project.

Particular value was provided to the client in negotiating a complex share purchase agreement in relation to the purchase which anticipates various milestones being met prior to the parties completing the purchase of subsequent tranches of shares.

Fasken advised a Nigerian oil & gas group, with a team led by Abayomi Akinjide that included Jodi Katz and Lucinda Patrick-Patel.