Mining Prospects Trends and Developments in Mining Law in Canada and Internationally

Tag Archives: IPO

Lessons from an Historic Mining IPO

Posted in Mining

The recently completed initial public offering by Nexa Resources S.A. (formerly, Votorantim Metais) on the Toronto Stock Exchange (the TSX) and the New York Stock Exchange has received considerable attention from capital markets participants and the financial press for its size (US$570 million, including the exercise of the over-allotment option) and for the large and impressive underwriting syndicate. Nexa’s IPO was the largest mining IPO on the TSX of a Latin American company, it was Canada’s 3rd largest mining IPO ever and the largest mining IPO in Canada over the last decade!  The IPO is also noteworthy for … Continue Reading

SPACs Come to Canada and a Powerful Acquisition Tool is Born

Posted in Corporate Finance, Corporate Governance and Continuous Disclosure, M&A

The Toronto Stock Exchange (TSX) has adopted new rules governing the listing of special purpose acquisition corporations (SPACs). These rules became effective as of December 19, 2008. In contrast to the TSX listing requirements for a company pursuing a traditional IPO (in which the listing entity is required to have an existing business and prescribed operating profits or prospects), a SPAC is essentially a publicly traded shell company or “blank-cheque company.” TSX approval of the listing of SPACs follows similar approvals of the New York Stock Exchange (NYSE) and NASDAQ earlier in 2008. SPACs also trade on AMEX, AIM and … Continue Reading