PPU and Carey in acquisition in Aclara by CAP
Philippi Prietocarrizosa Ferrero DU & Uría Chile has advised the Canadian company, Aclara Resources, in the negotiation and execution of a strategic investment agreement with CAP Chile, under the advice of Carey, for a total of up to USD$80 million, together with an option agreement for CAP to acquire up to a 19.9% interest in Aclara shares.
This transaction, signed on 12 March, consists of the acquisition of 20% of REE Uno, a Chilean company owned by Aclara, which is developing a project to mine rare earths from ionic sands in Penco, Biobío. In addition, CAP will have an option to acquire an additional 20% of that project in Chile and another option to acquire up to 19.9% of Aclara in Canada.
The advice involved reconciling the rights acquired by CAP in Chile with the option to invest directly in the parent company of the project in Canada. This was particularly complex given that Aclara is a publicly traded company that trades its shares on the Toronto Stock Exchange.
Cassels Brock and Stikeman Elliott acted as international advisors to CAP and Aclara, respectively.
Daniel Carvallo and Patricia Torres acted as in-house counsel to CAP, while Max Larraín acted as in-house counsel to Aclara.
Cassels Brock was represented by partner Darrel Podowski.
Stikeman Elliott’s team included partner Ivan Grbesic and associate Wei Yan.
PPU’s team was led by partners Juan Paulo Bambach (pictured left) and Carlos Alberto Reyes (pictured centre, left), with support from associates Felipe Ossa and Daniela Leighton.
Carey’s team was led by partners Rafael Vergara (pictured centre, right) and Cristián Eyzaguirre (pictured right), assisted by associates Carla Karzulovic, Ignacio Alfaro, Maximiliano Urrutia, Josefa Contreras, Javiera Álvarez, Sofía Delporte, Joaquín Granados, Javiera Chacón, Maximiliano Barrenechea and Santiago Edwards.
