AngloGold Ashanti Limited’s $370 Million Acquisition of Corvus Gold Inc.

Corvus has engaged BMO Capital Markets as its financial adviser, and Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP as its legal counsel in connection with the Transaction. The Corvus Special Committee has engaged Blakes, Cassels & Graydon LLP as its legal counsel, and Fort Capital Partners to provide an independent fairness opinion and independent formal valuation.
AngloGold Ashanti has engaged RBC Capital Markets as its financial adviser, Stikeman Elliott LLP as its Canadian legal counsel, and Cravath, Swaine & Moore LLP and Hogan Lovells US LLP as its U.S. legal counsel in connection with the Transaction.

AngloGold Ashanti Limited and Corvus Gold Inc.  entered into a definitive arrangement agreement pursuant to which AngloGold Ashanti has agreed to acquire the remaining 80.5% of common shares of Corvus not already owned by AngloGold Ashanti at a price of C$4.10 per common share in cash.

The total Transaction cost to AngloGold Ashanti is estimated to be approximately US$370 million. The Transaction implies a total equity value for all Corvus common shares and outstanding options to acquire common shares of approximately C$570 million (approximately US$450 million).

The combination of Corvus and AngloGold Ashanti’s Nevada assets further consolidates one of the largest new gold districts in Nevada (the Beatty District) and provides the opportunity for AngloGold Ashanti to establish, in the medium and longer term, a meaningful, low-cost production base in a premier mining jurisdiction. 

AngloGold Ashanti, with its head office in South Africa, is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across nine countries on four continents.

Corvus is a North American gold exploration and development company, focused on its near-term gold-silver mining projects at North Bullfrog, Lynnda Strip and Mother Lode in the Beatty District of Nevada. 

The Cassels’ team comprised of Jen Hansen (Picture), Jeffrey Roy, Jackson Phillips, David Overall, Christopher Norton and Chris Hersh. 

Involved fees earner: Jen Hansen – Cassels Brock & Blackwell LLP; Chris Hersh – Cassels Brock & Blackwell LLP; Christopher Norton – Cassels Brock & Blackwell LLP; David Overall – Cassels Brock & Blackwell LLP; Jackson Phillips – Cassels Brock & Blackwell LLP; Jeffrey Roy – Cassels Brock & Blackwell LLP;

Law Firms: Cassels Brock & Blackwell LLP;

Clients: Corvus Gold Inc;

Author: Martina Bellini