International law firm Bird & Bird assisted Imperial X plc (to be re-named Cloudbreak Discoveries plc) on its reverse takeover and admission of its enlarged ordinary share capital to the standard listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market, effective from 3 June 2021.
As part of the transaction, Imperial X acquired three Canadian companies: Cloudbreak Discovery Corp., Howson Ventures Inc. and Cabox Gold Corp.; as well certain economic interests in an Irish Company, Anglo African Minerals PLC. Imperial X plc also successfully completed a placing and subscription to raise £2 million.
Imperial X plc will use the proceeds of the fundraise to continue to develop its existing portfolio of assets and interests and acquiring suitable additions to create a solid foundation from which to build a specialist, early-stage natural resource project generator and development business. The Company seeks to continue to acquire, develop, and manage a diverse portfolio of mineral assets in the natural resource sector.
The Bird & Bird team were led by partner Clive Hopewell (Corporate) together with legal director Nick Heap (Corporate) and associate Freddie Spearman (Corporate).
Imperial X CEO, Kyler Hardy commented: “The Bird & Bird team were a cornerstone to driving forward our objective of raising capital, completing accretive acquisitions and listing on the Main Market. The transaction was complicated by numerous factors including multiple jurisdictions, multiple corporate acquisitions and those acquisitions having assets across the capital structure and the Bird & Bird team engaged with not only our board and executive, but also our advisers to guide the process . We are delighted to reach this milestone and can recommend the team, led by Clive, who have provided us with a strong governance base for our future growth.”
