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Deals & Transactions

Conyers advises Thor on acquisition of African Star – August 2011

August 2011 Cora S. Miller

Conyers advised TSX Venture Exchange listed exploration company Thor Explorations Ltd on its acquisition of African Star Resources Incorporated, a company with the option to acquire a 70% interest in the Douta Gold Project, which is exploring of an area in Eastern Senegal close to recent discoveries of significant gold deposits.

Thor acquired all of the issued and outstanding shares of African Star via its wholly owned BVI subsidiary Thor Investments (BVI) Ltd, and issued 16,745,795 common shares of Thor to the shareholders of African Star.

Thor simultaneously issued shares to the lender of a US$520,000 bridge loan between African Star and an arm’s length third party as consideration for advancing the bridge loan. Thor has also issued common shares as a finder’s fee to a finder on closing of the transaction.

Cora Miller, lawyer in Conyers’ BVI office, advised Thor alongside Fasken Martineau DuMoulin, who provided Canadian Counsel to Thor, while McCullough O’Connor Irwin LLP advised African Star and its shareholders.


Cora S. Miller

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