2023-06-13 02:13:05
Toronto (ots/PRNewswire) – TORONTO, June 13, 2023 /PRNewswire/– AMED Funds (“AMED”) and Clariti Strategic Advisors TM (“Clariti”) are pleased to announce the completion of the acquisition of Canada Fluorspar Inc by portfolio company AMED Fund IV. Canada Fluorspan Inc. is the parent company of Canada Fluorspar Mine of St. Lawrence, NL (“Canada Fluorspar”). Completion of the Transaction is the result of months of review, analysis, negotiation and discussions with various stakeholders, including senior lenders of Canada Fluorspar, the DIP Lenders, Grant Thornton (as Court Appointed Monitor) and the Province of Newfoundland and Labrador (the “Province”).
Rudolph de Bruin, an international mining industry veteran with decades of successful mining and exploration experience, AMED’s sponsoring partner and director of the acquiring company, said, “We are extremely pleased to have successfully completed the purchase of CanadaFluorspar. The Canada Fluorspar mine in St. Lawrence is a major economic contributor to the province and, prior to its closure, had provided local employment and significant revenue. The mine produces fluorspar, an important material used in the manufacture of lithium batteries, solar panels and steel. These are products on which society is highly dependent and this dependency will continue to increase. AMED looks forward to reopening the mine and commencing operations with the goal of sustainable, long-term profitability and short- and long-term benefits to the region and local communities.”
Willem Jacobs, Senior Managing Director and Head of Energy and Mining Investment Banking at Clariti, added, “Canada Fluorspar will now become an essential part of AMED’s Fluorspar business and its global industrial minerals product offering. The company will benefit from AMED’s technical know-how and distribution network, which in turn will be of great benefit to the province and local people.
Rahul Suri, Founder and Managing Partner of Clariti, said: “We are delighted to have advised AMED Funds on their strategy and this highly strategic acquisition. This was a complex transaction as the parties had to protect and balance all the interests of the parties involved in order to achieve an overall positive outcome. The parties have worked diligently to achieve an optimal outcome for stakeholders including the senior lenders, the DIP lenders, the Company (through the Court Appointed Monitor) and, very importantly, the local community and communities Province. From the documents that the Monitor submitted to the court, it appears that AMED’s offer was the best offer we received. We would like to thank all the parties and their representatives for their diligent and very constructive work that has contributed to this transaction across the finish line”.
AMED Funds is a group of private equity funds focused on mining and exploration projects. AMED Funds has successfully identified, purchased and operated various mining projects over the past decade. AMED Funds has over US$1.4 billion in assets under management which includes a significant investment in fluorspar companies in South Africa and various other fluorspar projects.
Clariti Strategic AdvisorsTM is an investment banking and strategic advisory firm that provides clients with unmatched insight, creativity, integrity and value. For more information, please contact Rahul Suri, Founder and Managing Partner of Clariti, whose contact details are below www.claritiadvi sors.com find.
Questions & contact:
Media contact:
Rahul Suri, Gründer und Managing Partner, Clariti Strategic Advisors Inc., E-Mail:rahul.suri@claritiadvisors.com, Phone: 416-585-2629
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