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Case Study

Fieldfisher advises WH Ireland on i3 Energy Plc's Toscana Energy acquisition


United Kingdom

Fieldfisher's equity capital markets team has advised WH Ireland in its capacity as NOMAD in relation to the acquisition being undertaken by AIM-quoted i3 Energy Plc of the entire issued share capital of Toscana Energy Income Corporation, a Canadian TSX-listed oil and gas company (the "Toscana Acquisition"). Toscana Energy Income Corporation is engaged in the acquisition, development and production of petroleum and natural gas reserves in Western Canada.

i3 Energy Plc is an independent oil and gas company with assets and operations in the UK and Canada. On 3 September 2020, i3 Energy Plc completed a reverse takeover transaction to acquire oil and gas assets from Gain Energy Ltd, located in Alberta, Canada (the "Gain Acquisition"). The Fieldfisher team acted for WH Ireland, Mirabaud and Canaccord (in their capacities as joint brokers) in respect of the reverse takeover and fundraising undertaken in connection with the Gain Acquisition.

The Toscana Acquisition is also a reverse takeover so remains subject to approval by i3 Energy Plc's shareholders. Accordingly, a General Meeting has been convened by i3 Energy Plc for 29 October 2020. 

Fieldfisher corporate partner Anthony Brockbank, who specialises in fundraisings for UK-listed energy companies, led the Fieldfisher deal team and commented:
"We were pleased to be involved in this transformational deal for i3 and to have assisted our longstanding clients WH Ireland in taking this acquisition forward.
"The UK capital markets are showing signs of recovery in the final quarter of this year and oil and gas deals continue to attract support, with smaller independents being particularly active in taking advantage of value-accretive opportunities."

The Fieldfisher deal team comprised Anthony Brockbank and Maddie Hibbard, with support from Paul Stockley.

About Fieldfisher's Equity Capital Markets Team

Our leading equity capital markets team is one of only four firms in the UK to be ranked Band 1 in Chambers & Partners for Equity Capital Markets (AIM). In 2019, we were the number one legal adviser on AIM by deal volume.

The team is based across Europe and we act for more than 50 companies on the Official List, AIM, Euronext Growth, and Acquis Exchange markets as well as a wide range of investment banks, brokers, sponsors and nominated advisers.

The Fieldfisher network spans over 1,500 people across 25 international offices, all of which offer clients highly commercial, pragmatic advice.

We are based in Belgium, China, France, Germany, Italy, Luxembourg, the Netherlands, Ireland, Spain, the UK and the US.

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