On November 29, 2006, Anglo Coal Canada Inc. (a wholly-owned indirect subsidiary of Anglo American plc), NEMI Northern Energy & Mining Inc. and Hillsborough Resources Limited announced closing on a $172.3 million asset combination transaction whereby the parties agreed to contribute their respective northeast British Columbia metallurgical coal assets and interests to create the Peace River Coal Limited Partnership. Peace River Coal is owned as to 60% by Anglo and 20% by each of NEMI and Hillsborough Resources. Anglo will play a key role in the development of the area and has extensive experience in coal mining as a part of one of the world's largest private sector producers and exporters of coal. The transaction was effected pursuant to NEMI reorganizing under and pursuant to the provisions of the Companies' Creditors Arrangement Act ("CCAA"). Anglo provided NEMI a $20 million court-approved debtor in possession credit facility during the currency of the CCAA proceedings. The Plan of Arrangement permitted NEMI to contribute its assets in furtherance of the transaction and dispensed with counterparty approval to the assignment to Peace River Coal of NEMI's existing executory contracts. The Plan was unanimously approved at the creditor's meeting and was subsequently approved by the British Columbia Supreme Court on November 23, 2006. Hillsborough Resources was represented in this transaction by Fasken Martineau, with a team comprised of Darrell Podowski, Josh Lewis, Andrew Gabrielson, Robert Millar and Sarah Mamoser.