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Yanggu Xiangguang Copper subscribes for ordinary shares of EMED Mining Public for £11.1 million

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Client

Yanggu Xiangguang Copper Co.

Hong Kong Xiangguang International Holdings Limited (“HK XGC”), a key subsidiary of Yanggu Xiangguang Copper Co. Ltd (“XGC”) entered into an agreement providing for an additional equity investment of £11.1 million, subject to adjustment, into AIM and TSX-listed EMED Mining Public Limited (“EMED Mining”) which is developing the Rio Tinto copper project in Spain. XGC also agreed to capitalise its outstanding position under the $30 million Bridge Loan and the £7,026,800 convertible loan notes into additional ordinary shares of EMED Mining to be issued to HK XGC. Pursuant to the transaction, XGC also entered into a copper concentrate offtake agreement with EMED Mining and its Spanish subsidiary. The transaction remains subject to the approval of shareholders of EMED Mining. XGC is a private company based in Shandong Province, China, and is engaged in the smelting and processing of nonferrous metals, alloys, gold and silver. Fasken Martineau advised Yanggu Xiangguang Copper Co. Ltd. on this transaction with a team comprising Thomas Wexler (banking & finance) and Jodi Katz (corporate). 

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