Watson Farley & Williams has advised UCAM Limited on its entry into a uranium-focussed joint venture with Power Metal Resources Plc (“Power Metals”). UCAM Limited made an initial £10m investment into Power Metals’ Canadian subsidiary, 1501158 BC Ltd (formerly Power Metal Resources Canada Inc) in return for a 70% interest in that subsidiary.
Power Metals is a London-listed metals exploration company that finances and manages global resource projects and is seeking large-scale metal discoveries. Its projects range from early-stage greenfield exploration to later-stage prospects subject to drill programmes.
The WFW London Corporate team that advised UCAM Limited was led by Partner Tony Edwards working with Senior Associate Shaun Young and Associates Toby Hunt and Jonathan Ford. Partners Claire Miles and John Ahern provided tax and regulatory advice respectively.
Tony commented: “It has been great to have the opportunity to work with UCAM on this transaction and we look forward to following the results of the joint venture’s planned high impact drilling programmes”.
A team from Torys LLP led by Partners Jennifer Baugh and Janan Paskaran acted as UCAM Limited’s lead Canadian counsel with support on due diligence from Cox and Palmer (Newfoundland) and McDougall Gauley LLP (Saskatchewan).
WFW’s mining and commodities team has been kept busy in recent months on a range of transactions including the US$15bn Simandou project in the Republic of Guinea and the US$19.8m recapitalisation of Kyrgyz Republic focussed exploration and development mining company Chaarat Gold Holdings Limited.
