Fluormin plc is acquired for £14.3 million

On 17 May 2013 Vanoil Energy Limited, a TSX-V listed oil & gas company with a diversified portfolio of assets in East Africa, completed its acquisition of the entire issued and to be issued share capital of Fluormin plc, an AIM listed company which since 2011 had been focussed on the exploration development, production and sale of fluorspar, and whose major asset, the Witkop fluorspar mine in South Africa, had been placed on a care and maintenance basis. The transaction was effected in London by way of a Court-approved scheme of arrangement under the UK Companies Act and the purchase price was satisfied by the issue to the Fluormin shareholders of shares and warrants in Vanoil which, at the time the transaction was announced, equated to a value of £14.3 million. Fluormin PLC was advised by Fasken Martineau both as to English and British Columbian law and Canadian national securities legislation. The firm also appointed lawyers in Kenya to advise on local due diligence issues. The Fasken Martineau team included David Smith, Nigel Gordon, Al Gourley, Rakesh Jhally, Vanessa McMinn, Vhari Storwick and Helen Sutcliffe (London) and K C Miu (Vancouver).