Fladgates advise on fourth only SPAC to list in London
Fladgate Fielder, London, England
Leading commercial law firm Fladgate Fielder has continued to grow its share of the market for AIM-related legal services by advising Platinum Diversified Mining, Inc. (Platinum), a Special Purpose Acquisition Corporation (SPAC) on its admission to AIM together with a fund-raising of US$79.5 million.
Platinum intends to invest in the metals and mining industries and will initially focus on silver, copper and nickel, although all types of mining asset will be considered.
Platinum is one of the first SPACs to list in London. The SPAC structure offers investors transparency, choice and flexibility, with at least 98% of the gross proceeds of the US$79.5 million fund raising being held in escrow pending completion of an acquisition. In addition, if an acquisition is not effective within 18 months, Platinum will be liquidated.
Mark Nordlicht, Executive Chairman of Platinum commented:
“I am pleased that the Company has commenced trading on AIM, which will allow us increased flexibility and access as Platinum looks to take advantage of the opportunities arising from growth in demand and prices across the mining sector. The structure also allows investors to gain exposure to a company with private equity style targets and ambitions, but with clear management transparency and accountability.”
Corporate partner Avram Kelman who led the Fladgates team advising Platinum said:
“We are delighted with the completion of this innovative deal which reinforces Fladgate’s standing in the AIM market place and consolidates our reputation as having a particular expertise in advising overseas companies looking to list on AIM. Other AIM-related matters on which we are advising include the IPO of an international diagnostics company, a fast track listing of an overseas energy company and the admission to AIM of an international resources group.”
Paul Tetlow of Hunton & Williams advised KBC Peel Hunt, who acted as both Nominated Adviser and Broker.
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