Norton Rose Fulbright acted as lead counsel to Alphamin Resources Corp. (TSXV: AFM) on the project financing for the development of the Bisie tin mine located in the province of North Kivu in the Eastern part of the Democratic Republic of the Congo (DRC), and operated by Alphamin Bisie Mining SA (ABM). Development of the Bisie tin mine will contributed to stability and economic growth to the North Kivu region.
Development of the Bisie tin mine will contributed to stability and economic growth to the North Kivu region.
The transaction involves a senior secured non-revolving term credit facility of up to US$80m made available to ABM, as borrower, with Alphamin Resources Corp., Alphamin Holdings (BVI) Ltd. and Alphamin Resources (BVI), acting as guarantors. Security for the loan was provided on assets and shares in Mauritius, the British Virgin Islands (BVI) and the DRC. The transaction took into account restrictions in all of the concerned jurisdictions and in particular under DRC corporate and mining laws.
The proceeds of the loan will be applied towards the continued development of the Bisie tin mine operated by ABM. The company is partnering in the development of the project with the government of DRC, which has a free carried interest of 5%, and the Industrial Development Corporation of South Africa (IDC), which has an interest of 14.25%.
The Norton Rose Fulbright cross-border team was led by Washington, DC-based partner Poupak Bahamin (Picture), Montreal-based partners Serge Levy and Steve Malas and Paris-based senior associate Sabine Bertin. The team also included Washington, DC-based associate Aminata Sabally, Montreal-based associates Ricardo Lento and Pierre-Olivier Tremblay, and Paris-based associates Antoine Thibaud and Anne-Gaëlle Cottenceau.
Involved fees earner: Poupak Bahamin – Norton Rose Fulbright; Serge Levy – Norton Rose Fulbright; Steve Malas – Norton Rose Fulbright; Sabine Bertin – Norton Rose Fulbright; Riccardo Lento – Norton Rose Fulbright; Pierre-Olivier Tremblay – Norton Rose Fulbright; Antoine Thibaud – Norton Rose Fulbright;
Law Firms: Norton Rose Fulbright;
Clients: Alphamin Resources Corporation;