Hill Dickinson has recently advised AIM-listed client BMR Group Plc (BMR) on the acquisition of 29.01% interest in the enlarged share capital of BMR by Jubilee Metals Group Plc (Jubilee) to advance the BMR’s Kabwe zinc-lead project in Zambia.

As part of the deal, Jubilee subscribed for 97,371,298 new ordinary shares of BMR. 25,000,000 of shares were issued for £0.02 cash for each share, raising aggregate proceeds of £500,000. 72,371,298 BMR subscription shares were issued in exchange for 63,166,969 new ordinary shares Jubilee. Based on the closing price of each Jubilee ordinary share on 11 January 2018 of 3.65 pence the overall average subscription value per BMR share is approximately 2.9 pence (for total consideration of approximately £2.8 million), representing a premium to BMR's closing mid-market price on 12 January 2018 (the last business day before the deal) of approximately 26%.

BMR chairman Alex Borrelli said, 'The directors strongly believe that the significant commitment of Jubilee to BMR as a large minority shareholder with highly complementary mining expertise effectively rebases the company, together with the cash subscription, and enables us to advance with confidence.’

Michael Corcoran, consultant at Hill Dickinson’s London corporate team who lead the transaction added, ‘The subscription by Jubilee secures funding for BMR as well as a new strategic shareholder as the company moves forward developing the Kabwe project and other strategic opportunities in Zambia. We were delighted to work with long-standing client BMR and their management team to close the deal and look forward to further good news from the company over the next few months.’