Bird & Bird advises H&P Advisory Ltd. (“Hannam & Partners”) and SP Angel Corporate Finance LLP on Cornish Metals Inc. £40.5 million fund raising

Bird & Bird has advised brokers, H&P Advisory Ltd. (“Hannam & Partners”) and SP Angel Corporate Finance LLP on Cornish Metals Inc.’s £40.5 million fund raise to advance the South Crofty tin project in Cornwall, England.

Cornish Metals Inc. is a mineral exploration and development company focused on tin and copper projects in Cornwall, United Kingdom. The company have successfully raised £40.5 million through a unit offering, including £25m from Vision Blue Resources, the battery metals investment vehicle launched by mining entrepreneur, Sir Mick Davis, last year. Each unit comprises one share and one warrant, and if all of the warrants are exercised, Cornish Metals will receive a further £60m. They plan to use the proceeds to complete a dewatering programme and feasibility study at South Crofty, the evaluation of downstream beneficiation opportunities, and potential on-site early works.

Tin is essential to anything electronic, including electric vehicle (EV) components, computing, 5G, robotics, renewable power generation, and the electrification of the economy, making South Crofty a strategic asset with the ability to provide a secure, traceable, sustainable supply of this important metal. Demand for tin is expected to grow rapidly, as the metal most likely to be positively impacted by new technologies. South Crofty has one of the highest grade tin Mineral Resources in the world not currently in production and has the potential to be amongst the lowest cost producers globally.

This transaction further demonstrates Bird & Bird’s expertise and ongoing work within the Mining sector, following on from the Tungsten West IPO we advised on in the Autumn, 2021.

The Bird & Bird team was led by partner Clive Hopewell (Corporate, London) and was supported by associates Edward Reardon (Corporate, London) and Philip Chui (Corporate, London/ Hong Kong).

Clive Hopewell, partner at Bird & Bird, says: “We are delighted to work with H&P Advisory Ltd. and SP Angel Corporate Finance LLP once again on another exciting Cornish mining opportunity. This transaction is a great example of our work across our mining and capital markets practice. Whilst the majority of this work relates to projects overseas, it is great to see the revival of mining for strategically important metals in the UK.”

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