Metals Exploration plc

Strand Hanson is delighted to have advised Metals Exploration plc (“Metals Exploration”), the gold production, exploration, and development company with assets in the Philippines, on its successful recommended offer for the entire issued and to be issued ordinary share capital of Condor Gold Plc (“Condor”), the gold exploration and development company with assets in Nicaragua. The acquisition of Condor is for a total consideration of up to £90.1m, comprising £20.2m cash, £47.3m in new ordinary Metals Exploration shares and up to £22.6m via Contingent Value Rights, which will be settled upon certain milestones being achieved in the development of Condor’s flagship La India project.

The transaction was led by James Dance and James Spinney, who were supported by Matthew Chandler and Rob Patrick.

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CEO of Metals Exploration, Darren Bowden, commented: “We are delighted that our Offer for Condor has successfully completed and that we are now a multi jurisdiction gold company with a supportive stakeholder base. I would like to thank everyone involved for their hard work and dedication, and especially the Strand Hanson team for their M&A expertise and guidance, helping us to deliver a complex transaction on a tight timetable.”
 
Head of M&A at Strand Hanson, James Dance, commented: “It was a pleasure to advise Darren, Mike and the team on what is a transformational deal for Metals Exploration. Our M&A pipeline remains busy into Q1 and it was great to start the year by swiftly closing this transaction for a long-standing client of Strand Hanson. Congratulations to all involved.”