Natural resources team advises Bacanora Minerals on its 50% acquisition of Solarworld Solicium GmbH

Gowling WLG's UK and German offices worked cross-border and cross-sector to advise longstanding client Bacanora Minerals on its 50% joint venture acquisition of Solarworld Solicium GmbH.

The €10 million JV with SolarWorld AG sees Bacanora, a Canadian-incorporated company admitted to trading on both AIM and the TSX, gain a 50% stake in the Zinnwald lithium project in return for a €5 million cash consideration and a further €5 million towards the cost of a feasibility study to be completed by March 2019.

Bacanora retains the option to acquire the remaining 50% of the project within two years, for an additional €30 million.

Partner Charles Bond and principal associate Samantha Myers in the UK worked closed with partner Dr Andreas Woelfle in the Gowling WLG Munich office to agree the acquisition and JV documentation with SolarWorld's board and legal counsel.

The UK team drafted and negotiated the JV, which was then checked by the German team to ensure it was in line with German law.

The deal was completed in February 2017.