Farrers and Bordens team up on golden deal

Farrer & Co and Canadian firm Borden Ladner Gervais have acted on a rare secondary investment in the AIM market.

Farrers corporate partner Anthony Turner acted for Brazilian gold mining and exploration company Serabi Mining on a £3.6m share subscription by Eldorado Gold Corporation.

Mining group chair Fred Pletcher led the Borden Ladner team acting for the British Columbia-based mining and exploration giant.

Turner said that, while the deal is a good sign for mid-cap AIM-listed companies and that some liquidity is returning to the market, fundraising remains problematic.

He said: “It’s still relatively difficult, unless you’ve got a good story to tell. Gold is still seen as a safe haven [for investors].”

The latest fundraising comes on the back of a £2.8m private placement by Serabi last year, on which Farrers also acted as counsel.

The firm first acted for the company on its initial AIM listing in 2005. ­Corporate partner Richard Lane has been Farrers’ chief client partner throughout the relationship.