Devon W. Comstock

Associate

Devon W. Comstock

Devon W. Comstock

Associate

Bar Admissions
  • Ontario, 2013

A skilled practitioner, Devon assists clients on a variety of commercial transactions, with a focus on fund formation, financings, and mergers and acquisitions.

Devon advises clients on their ongoing securities and corporate law obligations and has significant experience representing fund sponsors on all aspects of the fund formation process.

Devon W. Comstock

Associate

A skilled practitioner, Devon assists clients on a variety of commercial transactions, with a focus on fund formation, financings, and mergers and acquisitions.

Devon advises clients on their ongoing securities and corporate law obligations and has significant experience representing fund sponsors on all aspects of the fund formation process.

Hydrostor Inc.

Acted for Hydrostor Inc., a developer of Advanced Compressed Air Energy Storage (A-CAES) projects, in securing a US$37-million growth financing to advance their global pipeline of utility-scale energy storage projects, including equity, debt, an asset acquisition, cash commitments, a project development partnership with Meridiam, a global infrastructure developer, and a strategic technology partnership with Baker Hughes, a GE Company.

Business Development Bank of Canada

Acting for Business Development Bank of Canada in connection with the Government of Canada's Venture Capital Catalyst Initiative, which involves the formation of certain venture capital fund-of-funds. Teralys Capital Innovation Fund, Northleaf Venture Catalyst Fund II and Kensington Venture Fund II, three of the five venture capital fund-of-funds established under the VCCI program, had their initial closings in 2018.

Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, ING Capital and a syndicate of lenders

Acted for Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, ING Capital and a syndicate of lenders in the US$550-million senior secured credit facilities made available to Hudbay Minerals Inc. and Hudbay Peru SAC.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in its acquisition of CCM Hockey from Adidas.

Plenary Health Phase 1C LP

Acted as lead transaction counsel for Plenary Health Phase 1C LP in connection with its approximately $685-million fixed-price contract to design, build, finance and maintain the Centre for Addiction and Mental Health (CAMH) Phase 1C redevelopment project in Toronto, Ontario. The redevelopment project will see the construction of approximately 655,000 square feet of new build space contained in two modern buildings along Queen Street West in Toronto. The project is expected to achieve a Leadership in Energy and Environmental Design (LEED) Gold certification for design excellence and sustainability.

Canada Pension Plan Investment Board

Acted for the Canada Pension Plan Investment Board (CPPIB) in its $1.175-billion acquisition of a 50% interest in Canadian office portfolio from Oxford Properties Group (Oxford). Oxford will continue to manage the properties on behalf of the partnership. The transaction brings the total size of the jointly owned Oxford-CPPIB office portfolio to over 12 million square feet.

Oxford Park Group

Acted for Oxford Park Group in the formation of PointNorth Capital LP, a fund that continued Oxford Park's strategy of making special situation investments. PointNorth targets investments in the debt and equity of Canadian companies that are experiencing financial or operational challenges, are in out-of-favour sectors or are otherwise in need of change. OMERS, one of Canada's largest pension plans, made a significant capital commitment to PointNorth.

Manulife Financial Corporation

Acted for the Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Aria Solar Project, a 9-MW ground-mount solar project located in Springwater, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Agnico Eagle Mines Limited

Acted for Agnico Eagle Mines Limited in connection with its successful acquisition by plan of arrangement of TSX-V listed company Soltoro Ltd. for total consideration of approximately $32 million, consisting of shares of Agnico Eagle, cash and shares of a newly-formed SpinCo. As a result of the transaction, Agnico Eagle acquired the exploration projects held by Soltoro in Jalisco State, Mexico, including the El Rayo silver-gold project.

Plenary Group

Acted for Plenary Infrastructure ERMF GP, which was awarded a contract by Metrolinx to design, build, finance and maintain the new East Rail Maintenance Facility, a $859.2-million project located in Whitby, Ontario.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the RayLight Solar Project, a 10 MW ground-mount solar project located in Wyebridge, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Agnico Eagle Mines Limited

Acted for Agnico Eagle Mines Limited in connection with its $3.9-billion acquisition with Yamana Gold Inc. of Osisko Mining Corporation. The transaction involved the formation of a 50-50 partnership between Agnico Eagle and Yamana which will hold and operate the Canadian Malartic mine. The transaction also resulted in a spin-out of a new TSX-listed company called Osisko Gold Royalties Ltd. which will continue to hold a 5% royalty interest in the Canadian Malartic gold property as well as exploration assets in Mexico.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Mighty Solar Project, a 10 MW ground-mount solar project located in Chesterville, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

RBC Capital Markets and CIBC World Markets

Acted for a syndicate of underwriters co-led by RBC Capital Markets and CIBC World Markets in connection with the offering of an aggregate of $21.3 million trust units by Low Volatility U.S. Equity Income Fund, a fund designed to provide investors with an actively managed investment in the common shares of low volatility, large capitalization, U.S. companies while mitigating downside risk and paying a monthly cash distribution.

Middlefield Limited

Acted for Middlefield Limited in connection with the offering of an aggregate of $40 million limited partnership units by MRF 2013 Resource Limited Partnership, a partnership established to invest in a diversified portfolio of flow-through shares and flow-through warrants of Canadian exploration, development and production companies involved primarily in the oil and gas or mining sectors.

Sandspring Resources Ltd.

Acted for Sandspring Resources Ltd. in connection with an early deposit gold stream transaction pursuant to which Sandspring agreed to sell 10% of the life-of-mine gold production from its Toroparu project located in Guyana, South America, to a subsidiary of Silver Wheaton Corp. in exchange for an up-front US$148.5-million cash deposit plus an ongoing production payment of the lesser of the market price and US$400 per payable ounce of gold.

Thomas H. Lee Partners L.P.

Acted for Thomas H. Lee Partners L.P. on Canadian matters in connection with its $1.2 billion acquisition of CompuCom Systems, Inc. and CompuCom Canada.

Western Law—Leslie V. Balogh Memorial Prize (Corporate Law/Income Taxation); Paul Bradley Award (Real Estate Transactions)

Bar Admissions

Ontario, 2013

Education

University of Western Ontario, JD (with Distinction), 2012
University of Western Ontario, BESc, 2012

A skilled practitioner, Devon assists clients on a variety of commercial transactions, with a focus on fund formation, financings, and mergers and acquisitions.

Devon advises clients on their ongoing securities and corporate law obligations and has significant experience representing fund sponsors on all aspects of the fund formation process.

Hydrostor Inc.

Acted for Hydrostor Inc., a developer of Advanced Compressed Air Energy Storage (A-CAES) projects, in securing a US$37-million growth financing to advance their global pipeline of utility-scale energy storage projects, including equity, debt, an asset acquisition, cash commitments, a project development partnership with Meridiam, a global infrastructure developer, and a strategic technology partnership with Baker Hughes, a GE Company.

Business Development Bank of Canada

Acting for Business Development Bank of Canada in connection with the Government of Canada's Venture Capital Catalyst Initiative, which involves the formation of certain venture capital fund-of-funds. Teralys Capital Innovation Fund, Northleaf Venture Catalyst Fund II and Kensington Venture Fund II, three of the five venture capital fund-of-funds established under the VCCI program, had their initial closings in 2018.

Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, ING Capital and a syndicate of lenders

Acted for Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, ING Capital and a syndicate of lenders in the US$550-million senior secured credit facilities made available to Hudbay Minerals Inc. and Hudbay Peru SAC.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in its acquisition of CCM Hockey from Adidas.

Plenary Health Phase 1C LP

Acted as lead transaction counsel for Plenary Health Phase 1C LP in connection with its approximately $685-million fixed-price contract to design, build, finance and maintain the Centre for Addiction and Mental Health (CAMH) Phase 1C redevelopment project in Toronto, Ontario. The redevelopment project will see the construction of approximately 655,000 square feet of new build space contained in two modern buildings along Queen Street West in Toronto. The project is expected to achieve a Leadership in Energy and Environmental Design (LEED) Gold certification for design excellence and sustainability.

Canada Pension Plan Investment Board

Acted for the Canada Pension Plan Investment Board (CPPIB) in its $1.175-billion acquisition of a 50% interest in Canadian office portfolio from Oxford Properties Group (Oxford). Oxford will continue to manage the properties on behalf of the partnership. The transaction brings the total size of the jointly owned Oxford-CPPIB office portfolio to over 12 million square feet.

Oxford Park Group

Acted for Oxford Park Group in the formation of PointNorth Capital LP, a fund that continued Oxford Park's strategy of making special situation investments. PointNorth targets investments in the debt and equity of Canadian companies that are experiencing financial or operational challenges, are in out-of-favour sectors or are otherwise in need of change. OMERS, one of Canada's largest pension plans, made a significant capital commitment to PointNorth.

Manulife Financial Corporation

Acted for the Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Aria Solar Project, a 9-MW ground-mount solar project located in Springwater, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Agnico Eagle Mines Limited

Acted for Agnico Eagle Mines Limited in connection with its successful acquisition by plan of arrangement of TSX-V listed company Soltoro Ltd. for total consideration of approximately $32 million, consisting of shares of Agnico Eagle, cash and shares of a newly-formed SpinCo. As a result of the transaction, Agnico Eagle acquired the exploration projects held by Soltoro in Jalisco State, Mexico, including the El Rayo silver-gold project.

Plenary Group

Acted for Plenary Infrastructure ERMF GP, which was awarded a contract by Metrolinx to design, build, finance and maintain the new East Rail Maintenance Facility, a $859.2-million project located in Whitby, Ontario.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the RayLight Solar Project, a 10 MW ground-mount solar project located in Wyebridge, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

Agnico Eagle Mines Limited

Acted for Agnico Eagle Mines Limited in connection with its $3.9-billion acquisition with Yamana Gold Inc. of Osisko Mining Corporation. The transaction involved the formation of a 50-50 partnership between Agnico Eagle and Yamana which will hold and operate the Canadian Malartic mine. The transaction also resulted in a spin-out of a new TSX-listed company called Osisko Gold Royalties Ltd. which will continue to hold a 5% royalty interest in the Canadian Malartic gold property as well as exploration assets in Mexico.

Manulife Financial Corporation

Acted for The Manufacturers Life Insurance Company in connection with the establishment of credit facilities to finance the construction and long-term operations of the Mighty Solar Project, a 10 MW ground-mount solar project located in Chesterville, Ontario, which had been awarded a 20-year power purchase contract under Ontario's Feed-in Tariff Program.

RBC Capital Markets and CIBC World Markets

Acted for a syndicate of underwriters co-led by RBC Capital Markets and CIBC World Markets in connection with the offering of an aggregate of $21.3 million trust units by Low Volatility U.S. Equity Income Fund, a fund designed to provide investors with an actively managed investment in the common shares of low volatility, large capitalization, U.S. companies while mitigating downside risk and paying a monthly cash distribution.

Middlefield Limited

Acted for Middlefield Limited in connection with the offering of an aggregate of $40 million limited partnership units by MRF 2013 Resource Limited Partnership, a partnership established to invest in a diversified portfolio of flow-through shares and flow-through warrants of Canadian exploration, development and production companies involved primarily in the oil and gas or mining sectors.

Sandspring Resources Ltd.

Acted for Sandspring Resources Ltd. in connection with an early deposit gold stream transaction pursuant to which Sandspring agreed to sell 10% of the life-of-mine gold production from its Toroparu project located in Guyana, South America, to a subsidiary of Silver Wheaton Corp. in exchange for an up-front US$148.5-million cash deposit plus an ongoing production payment of the lesser of the market price and US$400 per payable ounce of gold.

Thomas H. Lee Partners L.P.

Acted for Thomas H. Lee Partners L.P. on Canadian matters in connection with its $1.2 billion acquisition of CompuCom Systems, Inc. and CompuCom Canada.

Western Law—Leslie V. Balogh Memorial Prize (Corporate Law/Income Taxation); Paul Bradley Award (Real Estate Transactions)

Bar Admissions

Ontario, 2013

Education

University of Western Ontario, JD (with Distinction), 2012
University of Western Ontario, BESc, 2012