Stikeman Elliott assists two investment deals in mining, insurance sectors

Blakes, Torys also serve as Canadian legal advisors in deals

Stikeman Elliott assists two investment deals in mining, insurance sectors

Stikeman Elliott continued to be active in deals deals this week, with Blake, Cassels & Graydon joining Stikeman in the $150-million total funding of Québec-based G Mining Ventures by foreign and local investors, and Torys joining them in the $129-million funding of Ontario’s insurance firm ISI by an American investor.

Québec-based G Mining Ventures to receive $150-million equity funding

G Mining Ventures Corp. (GMIN), a Québec-based minerals mining company, agreed to receive an equity investment totalling $150 million in a binding agreement that is part of a broader $622 million financing package, for the development and construction of the Tocantinzinho Gold Project.

Stikeman Elliott LLP, Blake, Cassels & Graydon LLP, Grebler Advogados and Mattos Filho Advogados are acting as GMIN's legal advisors. BMO Capital Markets is acting as the exclusive financial advisor to GMIN in connection with the La Mancha strategic investment.

The $150 million equity funding consists of approximately $89 million investment from UK-based La Mancha Investments and approximately $35.6 million and $25.9 million, respectively, from Canadian investors Franco-Nevada Corporation and Eldorado Gold Corporation.

GMIN President and CEO Louis-Pierre Gignac said, “We are delighted to welcome two new cornerstone partners in Franco-Nevada and La Mancha who are committed to the long-term success and growth of GMIN. Their commitment, along with Eldorado Gold's continued support, further validates the management team and the work done to advance the Project since its acquisition in 2021.”

La Mancha Capital Advisory LLP Managing Partner Karim Nasr said, “The La Mancha Group has a long track record of successful investments in the mining industry, and we look to build further on this track record with La Mancha's investment in GMIN.”

Franco-Nevada President and CEO Paul Brink said, “We are delighted to support GMIN with this construction financing package. Tocantinzinho is an attractive project in a prolific district and located in a good jurisdiction. The debt and equity investments that accompany our stream investment reflect our confidence in the capabilities of the GMIN team and in the potential of the project.”

The financing package is expected to close in the third quarter of 2022.

Ontario’s ISI closes $129-million funding from US-based Gallatin Point Capital

On July 18, Insurance Supermarket International (ISI), an Ontario-based digital life insurance company, closed a $129 million minority investment from US-based Gallatin Point Capital. Proceeds will go towards ISI's growth in life insurance across North America and to scale its technology-driven platform services and distribution channels.

Stikeman Elliott and Kirkland & Ellis acted as legal counsel to ISI while Torys and Goodwin Procter acted as legal counsel to Gallatin Point. RBC Capital Markets served as exclusive placement agent.

GPC will appoint its Co-Founder and Managing Partner, Matt Botein, to ISI's Board of Directors.

"Our main objective when we started this process with RBC was to find the right partner," said ISI Founder and CEO Alex Dudarev. "Gallatin Point's knowledge of the sector and the alignment of our vision for the future of the insurance industry allows us to touch and improve more lives and to help the life insurance industry transition to the digital age. We are working hard to ensure that the number of underinsured families is decreasing and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry."

Gallatin Point Co-Founder and Managing Partner Matt Botein said, “We have been impressed by ISI's vision and its values, which have fuelled the company's tremendous growth while delivering valuable and essential financial security to its customers. ISI combines entrepreneurial energy and creativity with institutional quality product design and service.  We look forward to supporting the company's growth into new products and markets.”

UK’s Vitruvian Partners joins Toronto’s Clairvest Group in US-based Meriplex stake buy

UK-based Vitruvian Partners acquired a majority stake in US-based IT services and cybersecurity firm, joining Clairvest Group Inc., which will remain as minority shareholder alongside the Meriplex management team.

Torys served as legal counsel and Q Advisors as financial advisor to Meriplex.

Kirkland & Ellis and Jenner & Block served as legal counsel and Evercore as exclusive financial advisor to Vitruvian.

Meriplex Founder and CEO David Henley said, “Vitruvian Partners will help further accelerate our rapid growth, enabling us to continue to expand our nationwide footprint and capabilities to better serve our customers. We are very excited about this new partnership with them and to continue collaborating and partnering with Clairvest.”

Vitruvian Senior Partner David Nahama said, “We have been very impressed with the track record of growth at Meriplex and have seen the company consistently outperform, including executing multiple strategic acquisitions. Meriplex has established a nationwide leadership position in the highly attractive managed cybersecurity, IT and SD-WAN solutions markets, allowing it to deliver compelling and differentiated solutions to its customers, underpinning its attractiveness from an investment perspective.”

Clairvest Managing Director Mitch Green said, “David and his team have been relentless in their pursuit of opportunities to grow and strengthen the business. We are thrilled to reinvest a meaningful equity stake into the transaction along with our management partners and welcome Vitruvian, whom we believe will be a great partner for this next stage of growth.”

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