Thomson Geer advises Cor Cordis on Copper Resources Australia administration and DOCA with Austral Resources

Thomson Geer has advised Cor Cordis, the administrators of Copper Resources Australia Pty Ltd (Subject to Deed of Company Arrangement) (CRA), on the successful completion of a Deed of Company Arrangement (DOCA) with Austral Resources Australia Ltd (ASX:AR1) (Austral).

The transaction secures the sale of CRA and its Rocklands copper project near Cloncurry as a going concern, delivering an $18 million contribution to CRA’s creditors, facilitated by a $40 million capital raising undertaken by Austral.

Thomson Geer advised Cor Cordis on all aspects of the administration, including initial and ongoing funding arrangements, Court applications, and the conduct of the competitive bid process for the sale of CRA or its assets. The team also assisted with the negotiation, drafting and completion of the final DOCA with Austral.

The matter involved several complex challenges, including two competing DOCA proposals and multiple conditions precedent relating to shareholder approvals, re-quotation application, capital raising and debt funding. Thomson Geer provided strategic advice to the administrators to assess legal and commercial risks.

This deal was led by Partner David Church who said, “This transaction represents a strong outcome for all stakeholders and ensures that the Rocklands project can continue as a viable operation. We were pleased to support the Cor Cordis team in navigating the complex commercial and regulatory challenges of this administration and in achieving a result that maximises returns to creditors.”

The team also included Senior Associate Melissa Oliveri, Partner Cameron White and Special Counsel Caroline Spencer.