Gilbert + Tobin advised Firefinch Limited and Leo Lithium Limited on the $738 million demerger of Leo Lithium from Firefinch, and Leo Lithium’s oversubscribed $100 million IPO and ASX listing.
The transaction involved the demerger of Firefinch’s interest in the Goulamina Lithium Project in Mali, being one of the largest undeveloped high-quality spodumene deposits globally. Under the demerger, Firefinch distributed 80% of its interest in the project to existing Firefinch shareholders, with Firefinch retaining 20%. In parallel, Leo Lithium raised $100 million under its IPO, which included a pro-rata priority offer to existing Firefinch shareholders, a shortfall offer to new investors and existing Firefinch shareholders and an offer to Firefinch.
Leo Lithium holds an interest in the Goulamina Lithium Project via its 50:50 joint venture with leading lithium chemicals producer, Ganfeng. Gilbert + Tobin also advised on the establishment of the joint venture between Leo Lithium and Ganfeng.
The transaction represents the fifth largest IPO conducted alongside a demerger in Australia, and the largest ever by a resources company. The matter was led by Corporate Advisory Special Counsel Matthew Watkins and Corporate Advisory Partner Justin Mannolini, who commented that “we are delighted to have assisted Firefinch and Leo Lithium on this eagerly anticipated and transformational transaction. It underlines our expertise in advising on complex, multifaceted transactions and our market leading lithium and critical minerals sector capabilities.”
The team was also supported by Corporate Advisory lawyers Maree Casey and Shay Kiriakidis.