Fox Williams advised Allenby Capital Limited, Optiva Securities Limited and Clear Capital Markets Limited on the recent AIM IPO and £7 million placing of Bens Creek Group plc (“Bens Creek”).
Bens Creek owns and operates a metallurgical coal mine located on 10,000 acres on the southern part of the state of West Virginia and eastern edge of Kentucky, in the central Appalachian Basin of the eastern United States of America (the “Mine”). The Mine’s operations are located primarily in Mingo County, West Virginia. The Mine includes a wash plant and rail loading facility located on the freehold land. Historically Hi-Vol-A and Hi-Vol-B metallurgical coal has been produced from the Mine. Metallurgical coal is a critical input in the steel production process.
Bens Creek raised the funds by placing 70 million shares at 10 pence each, valuing the company at £35 million on admission to trading. Bens Creek intends to use the placing proceeds to finance its mining operations. Allenby Capital acted as AIM nominated adviser and joint broker to Bens Creek, while Optiva acted as joint broker and Clear Capital Markets acted as placing agent. The placing, which was significantly oversubscribed, completed with effect from Bens Creek’s admission to AIM on 19 October 2021.
Head of Corporate Richie Clark led the Fox Williams team with assistance from corporate associate Anjali Aravindhan. Hill Dickinson LLP acted as solicitors for Bens Creek.
Richie Clark commented: “We are delighted to have worked together with the Allenby Capital, Optiva and Clear Capital Markets’ teams to help Bens Creek raise the funds needed to develop its mining operations and successfully list on AIM, a key milestone in the growth of its business. The deal highlights Fox Williams’ deep experience in capital markets transactions in the natural resources sector.”