MinterEllison advised Andromeda on its Bid Implementation Agreement to acquire joint venture partner Minotaur Exploration for $108 million. The combined entity will have a market capitalisation of about $552 million. Andromeda and Minotaur are partners in the Great White Kaolin Project in South Australia.

They are also partners in Natural Nanotech, a company investigating nanotechnology applications using halloysite kaolin materials sourced from the Great White project.

The acquisition will result in Andromeda consolidating its 100% ownership of both Great White Kaolin Project and Natural Nanotech via the acquisition of Minotaur's current 25% and 50% respective joint venture interests in Great White and Nanotech.

As part of the deal, Minotaur will demerge its copper and gold assets into a subsidiary, Breakaway Resources, which it intends to list on the ASX. The demerger will be undertaken in parallel with the acquisition.

MinterEllison's team advised Andromeda on all components of the deal, including the Bid Implementation and Loan documents, deal timing and structure, and the negotiation of the demerger through which Minotaur's non-kaolin assets will be held.

Andrew Corletto (Partner) led the transaction with assistance from Kent Grey (Senior Legal Counsel), Lachlan McNamara (Lawyer), and Molly Stephens (Lawyer). Paul Ingram (Senior Legal Counsel) assisted in respect of taxation and stamp duty issues.

Andrew Corletto says, "…it was particularly pleasing to have had the opportunity to make an impact by being involved as its principal legal adviser in helping the company grow to an ASX300 company. We are continuing to work with Andromeda as it proceeds with a DFS/BFS and hopefully, development of its Great White Kaolin Project."

The transaction is a testament to MinterEllison's leading reputation in market transactions in the energy and resources industry.