On May 16, 2002, African Rainbow Minerals Gold Limited completed a US$140 million international private placement. Incorporated in 1997, ARMgold is South Africa’s fifth largest gold producer and is listed on the JSE Securities Exchange.
RBC Capital Markets Inc. acted as underwriter of the international portion of the private placement, raising 60 per cent of the offering from investors in Canada, the U.S., Europe and Australia. BoE Merchant Bank, based in South Africa, raised 40 per cent of the offering in South Africa.
Fasken Martineau DuMoulin LLP in London provided securities law advice to RBC Capital Markets on the international portion of the offering, with a team led by Derek Linfield (securities/mining), and assisted by Jodi Katz (securities) and Georald Ingborg (securities), and Jean-Francois Hebert (securities) in Quebec. Manda Scheepers and Brigetter Baillie of Webber Wentzel Bowens assisted Faskens with South African legal advice. Neil Rissik led the Bowman Gilfillan Inc. team, which acted for ARMgold.