Boroo to Acquire Victoria Gold and Expects to Commit Over $1.5 Billion

Victoria Gold’s principal asset is Yukon-based Eagle Gold Mine

Davies is acting as Canadian legal counsel to Boroo Pte. Ltd., a mining company based in Singapore, in its acquisition of Victoria Gold Corp. and the Eagle Gold Mine in Yukon.

The acquisition is being completed out of Victoria Gold’s receivership for total consideration of up to C$140 million, subject to the issuance of a reverse vesting order by the Ontario Superior Court of Justice (Commercial List). In addition to conducting detailed technical and environmental due diligence, Boroo engaged meaningfully with key stakeholders, including local communities and the Government of Yukon. This engagement allowed Boroo to settle a Framework Agreement with the Government of Yukon on the remediation and restart of the mine. Boroo expects to commit over C$1.5 billion to return the mine to safe, responsible production.

The acquisition represents a substantial investment in the Canadian metals and mining industry and a lasting economic commitment to Yukon. The transaction is expected to close by the end of the year, subject to approvals and conditions.

The Davies team advising Boroo includes Brett Seifred, Natalie Renner, Rob Nicholls, Sean Monahan and Srobona Podder (Private M&A and Restructuring and Insolvency); Andrew Ellis and Nadia Yehia (Tax); Sarah Powell (Environmental); Shari Cohen and Jessie Cartoon (Labour & Employment); Jim Dinning and Claire Millard (Competition); and Anthony Alexander (Litigation).