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Appian Capital Advisory LLP, the investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies, is pleased to announce that it has divested its 2.0% net smelter return royalty and its subordinated credit facility in Harte Gold to Silver Lake Resources, representing a positive outcome for Appian’s investors.
Under the terms of the transaction, Silver Lake will acquire the Royalty for US$22.0m in Silver Lake shares, following Appian’s original acquisition in December 2019 for US$9.5m. Silver Lake will also purchase the SCF for US$33.4m in cash, which represents a 15% premium to Appian’s principal investment of US$28.0m in July 2020.
This includes the US$28m principal, a 115% early redemption charge of US$4.2m, US$1.2m in accrued interest and an additional ~US$680,000 to cover technical consulting and legal fees.
The success of the transaction is the result of Appian’s active engagement with Silver Lake following Harte Gold’s entry into creditor protection on 7 December 2021, following which Silver Lake was ultimately named as successful bidder for the company.
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