GBLP is pleased to announce that its client AB Krasny Gold Fields has successfully completed the deal of JV with GV Gold to take the Krasny Project to production stage
Moscow/London, August 2014
Corporate/M&A of Goltsblat BLP, the Russian practice of international law firm Berwin Leighton Paisner (BLP), is delighted to announce successful completion of the deal whereby GBLP client – AB Krasny Gold Fields has entered into a joint venture to explore and exploit a gold hard rock deposit in Irkutsk Region “Kransy Project” with one of the key gold producers in Russia Open Joint Stock Company "GV Gold" ("GV Gold"). On completion which occurred earlier in August, GV Gold transferred the initial USD 4 million, of which USD 1 million is a cash consideration immediately payable to Kopy Goldfields and USD 3 million is ear marked for exploration activities. GV Gold has become a 51% shareholder in the Krasny project. The exploration drilling has been started.
AB Krasny Gold Fields is a subsidiary of Kopy Goldfields AB (publ), listed at NASDAQ OMX First North in Stockholm, which is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The company holds 100% of 11 bedrock exploration - and production licenses on 1,963 sq km. The target for Kopy Goldfields is to create value by identifying and acquiring high potential gold projects, prospect and explore them until the stage when it can be either sold out for cash or developed in cooperation with another partner under JV agreement.
The team of Corporate / M&A was led by Anton Sitnikov, Partner, Head of Corporate / M&A Goltsblat BLP who said: “We’re delighted to see this deal successfully completed and our client alongside its new partner running exploration programme as planned aiming to take the Krasny Project to production stage. Energy and Natural Resources is one of our key sectors in the firm, and we are glad to see our transactional services well demanded here.”
A key deal-running role was played by Matvey Kaploukhiy, partner Corporate / M&A. The team also included an English qualified partnerIan Ivory, Kyle Davis, a corporate partner focused on the Energy and Natural Resources at GBLP and senior associate Nikolay Kholshev.
The global Corporate/ M&A team consists of more than 230 lawyers, the majority being based in London and Moscow. We also have corporate lawyers based at our Abu Dhabi, Beijing, Berlin, Brussels, Dubai, Frankfurt, Hong Kong, Paris and Singapore offices. In Russia, it is one of the biggest corporate teams, with substantial experience of mid-to-large-scale cross-border and other complex transactions.
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