On July 3, 2017, Sandstorm Gold Ltd. completed its acquisition of Mariana Resources Limited for US$175 million. Under the terms of the Scheme of Arrangement, scheme shareholders will receive 0.2573 Sandstorm shares and 28.75 pence in cash for each scheme share held. The total consideration paid was approximately US$175 million including 32,832,813 new Sandstorm shares at a price of US$3.87 per share and cash consideration of approximately US$48 million. The Mariana shares were acquired by Sandstorm by means of a Court-sanctioned scheme of arrangement under Part VIII of the Companies (Guernsey) Law.
Cassels acted for Sandstorm with a deal team that included Jennifer Traub and Jen Hansen (Securities, Mining and M&A), and Chris Hersh (Competition).