Congratulations to our client Xanadu Mines Ltd on completing Phase 2 and Phase 3 of its Strategic Partnership with Zijin Mining Group, the fifth largest copper mining company in the world.
The Strategic Partnership has included three phases of investment. In Phase 2, a $7,164,645.28 million placement for 179,116,132 Xanadu shares at $0.04 per share has increased Zijin’s shareholding to 19.42% of Xanadu. In Phase 3, a US$35 million investment directly into the Kharmagtai Copper-Gold Project (Kharmagtai) has created a 50/50 Joint Venture (JV) at the project level.
The funding will support the Kharmagtai project through the next phase of project evaluation and exploration. It will also provide funding to Xanadu for activities outside of Kharmagtai, such as a second project at Red Mountain.
HopgoodGanim Lawyers is Xanadu Mines Ltd's legal adviser for this series of transactions.
Damian Roe, Kim Hinton, Luke Dawson, Richard Hanel, Kimberly Eichorn and Lucy Coogan have provided legal expertise and services for Xanadu Mines Ltd.
Well done and congratulations to everyone involved.