Gilbert + Tobin has advised BCI Minerals Limited (BCI) on the issue of A$60 million in convertible notes to its two largest shareholders, AustralianSuper and Wroxby.
The issue of the convertible notes was subject to shareholder approval, which was obtained at a general meeting of BCI on 23 June 2023.
The funds raised from the issue of the convertible notes will be used to fund critical path contracts for BCI’s Mardie Salt and Potash Project (Mardie Project) and working capital whilst BCI progresses discussions with financiers regarding the full funding of the Mardie Project. Once operational, BCI expects the Mardie Project to become the largest salt operation in Australia and the third largest solar salt operation in the world.
Corporate Advisory Partner Sarah Turner said that “We are honoured to have played a role in this raising and look forward to continuing our partnership with BCI as they work on what could be one of the most sustainable, long life and naturally renewable resource projects in the world.”
The deal was one of two matters that the Corporate Advisory team has advised BCI Minerals on this month. On 4 July, the G+T team also advised BCI on a non-binding Memorandum of Understanding (MOU) with PT Mineral Industri Indonesia (Persero) (MIND ID), in relation to a potential offtake of up to 1 million tonnes per annum solar salt produced from the Mardie Project and a potential equity investment in BCI of up to A$100 million by MIND ID. The MOU represents a significant endorsement in the Mardie Project and supports BCI’s vision of becoming a globally significant minerals business.
Sarah was assisted by Consultant Phil Edmands and Senior Associate Callum Fleming.