Posted Thursday 26th November 2020
Joelson is delighted to have advised long-standing client, Richland Resources Ltd (Richland), on its acquisition of Global Asset Resources Ltd (GAR), its successful fundraising and its re-admission to AIM – the London Stock Exchange’s market for small and medium growth businesses.
Richland – soon to be renamed Lexington Gold Ltd – is now the proud owner, via GAR, of a majority interest in four gold exploration projects in North and South Carolina, USA. The successful fundraising and re-admission to AIM has allowed Richland to raise gross proceeds of £3.33 million which will be used to satisfy the initial cash consideration in respect of the acquisition and for the group’s planned initial two year work programme.
The transformational acquisition will allow Richland to focus on the exploration and development of the four diverse gold projects, covering a combined area of approximately 1,500 acres in North and South Carolina.
Bernard Olivier, Chief Executive Officer at Richland Resources, said:
“We received outstanding support throughout the process from Joelson. Matthew, Phil and the team provided excellent counsel throughout and enabled us to achieve a smooth and successful acquisition of GAR, completion of fundraising and re-admission. This acquisition builds on our existing business model and enables us to transform our approach.”
Matthew Overton, Partner at Joelson, said:
“We are extremely proud to have helped the Richland team on this complex transaction. Joelson always strives to deliver the best outcome for clients and we are delighted that we have been able to help Richland complete this acquisition and fundraising, and to secure its re-admission to AIM, which will help transform the business. We look forward to future opportunities to help Richland meet its strategic goals.”
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.
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