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Geopacific Resources to finance Woodlark Gold Project in PNG
Geopacific Resources has successfully financed the Papua New Guinea Woodlark Gold Project for US$100 million with assistance from BigLaw firm Ashurst.
Naomi Neilson
Firm: Ashurst (Geopacific Resources)
Value: US$100 million.
Area: Financing.
Key players: The team was led by partner David Mason, who was assisted by partner Roger Davies, counsel Tim Glenn, senior associate Ben Stewart and lawyers Fiffy Che, Meng-Yeow Lim, Jerome Kadamongariga and John O'Connell.
Deal significance: The facility and stream, coupled with the funds raised via an equity placement in early 2021, will be used to fund the development of Geopacific’s Woodlark Gold Project in Papua New Guinea. The transaction also includes an agreement by Geopacific to issue 5,404,655 fully paid ordinary shares and 2,702,328 unlisted options to Sprott.
Mr Mason commented: “We are very pleased to have supported Geopacific Resources on this successful financing of its Woodlark Gold Project by a combination of project debt and a callable gold stream provided by Sprott Resources together with the issue by Geopacific Resources of shares and options to Sprott.
“This is a significant achievement for Geopacific Resources as it is both its first project and Sprott’s first financing in Papua New Guinea. Our Australian and PNG teams look forward to continuing to assist Geopacific Resources and Woodlark Gold on the project.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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