Champion Iron completes C$650M transactions for the refinancing and acquisition of 100% of Bloom Lake
August 16, 2019
650.00 Million CAD
On August 16, 2019, Champion Iron Limited ("Champion") through its subsidiary Québec Iron Ore Inc. ("QIO"), operator of the Bloom Lake Mining Complex, completed the previously announced agreement with Caisse de dépôt et placement du Québec ("CDPQ") for a preferred share offering of C$185 million in addition to a fully underwritten US$200 million credit facility with Scotiabank and Societe Generale.
Furthermore, QIO has completed the acquisition of 36.8% equity interest in QIO from Ressources Québec Inc. for a total cash consideration of C$211 million. There no longer exists a non-controlling interest in QIO resulting in Champion Iron attaining 100% ownership of Bloom Lake Mining Complex.
Champion is an iron development and exploration company, focused on developing its significant iron resources in the south end of the Labrador Trough in the province of Québec.
McCarthy Tétrault advised Champion with a team lead by Marc Dorion and Louis-Nicolas Boulanger that included Louis-Philippe Samson, Konstantin Sobolevski, Charles-Antoine Soulière, Felipe Diaz Villegas and Charles-Alexandre Jobin (Business), Marc-Alexandre Hudon, François Giroux and Stéphanie St-Jean (Litigation), Marie-Soleil Landry (Tax), Dominique Amyot-Bilodeau (Environmental), and Danielle Gagnon and Danielle Drolet (Real Property and Planning).