Date Closed

June 27, 2011

Lead Office

Toronto

Value

180.00 Million CAD

On June 15, 2011, Village Main Reef completed its acquisition of substantially all the assets of Simmer and Jack, consisting of (i) 100% interests in the Buffelsfontein, Hartebeestfontein and Tau Lekoa gold mines located in South Africa, (ii) 60,622,653 common shares of First Uranium Corporation, representing a 25.5% interest in First Uranium, and (iii) 392,874 convertible notes of Mine Waste Solutions (Proprietary) Limited, a wholly-owned subsidiary of First Uranium, which are convertible into a further 42,199,141 common shares of First Uranium. The consideration for the sale of these assets was the issuance to Simmer and Jack of 598 million Village Main Reef shares at ZAR 2.20 per share, representing a total purchase price of approximately ZAR 1.3 billion (CDN$180 million). Upon the completion of the subsequent unbundling by Simmer and Jack of these consideration shares on June 27, 2011, the shareholders of Simmer and Jack held collectively approximately 66% of the issued shares of Village Main Reef, with existing Village Main Reef shareholders holding the remaining 34%.  The transaction was subject to approval by the shareholders of both Village Main Reef and Simmer and Jack. 

McCarthy Tétrault advised Village Main Reef with a team that included Brian Graves and Oliver Borgers.