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Client Work

Assmang’s conditional subscription for a 19.9% interest in IronRidge

Fasken
Reading Time 1 minute read
Client

African Rainbow Minerals Limited (ARM) / Assmang

Fasken Martineau advised African Rainbow Minerals Limited (ARM), as 50% owners of Assmang, with regards to Assmang’s subscription of 19.9% equity interest in IronRidge for a consideration of £11.74 million. Assmang has entered into a Share Subscription Agreement with IronRidge Resources Limited (IronRidge), an Australian registered company that is currently focused on the exploration of its iron ore prospecting licences in Gabon. In terms of the Share Subscription Agreement, Assmang has subscribed for a 19.9% equity interest in IronRidge for a consideration of £11.74 million. The subscription will be completed pursuant to the fulfilment of certain conditions, which include the admission of IronRidge to the Alternative Investment Market (AIM) of the London Stock Exchange plc. Fasken Martineau advised African Rainbow Minerals Limited with a team that included Dimitri Cavvadas (Johannesburg) and Jane Wang (London).