DLA Piper advises Neo North Star Resources Inc. on proposed sale to NASDAQ-listed Greenland Mines Limited

Global law firm DLA Piper has advised Neo North Star Resources Inc. on its proposed merger with Greenland Mines Limited, a NASDAQ-listed company, marking a significant cross-border transaction in the rare earths sector.

The transaction involves the transfer of outstanding shares of Neo North Star Resources Inc., by entry into an agreement and plan of merger, for total consideration of USD35 million. Neo North Star Resources Inc. is a joint venture between, among others, Neo Performance Materials Inc., listed on the Toronto Stock Exchange, and Western Energy III LLC, a portfolio company of Yorktown Partners LLC. Closing of the transaction is subject to satisfaction of certain customary conditions, including approval from the Government of Greenland under the Greenland Mineral Activities Act. 

Neo North Star Resources Inc. holds an exploration licence for the Sarfartoq rare earth project in Greenland, which is focused on the exploration of neodymium and praseodymium – critical inputs in the global energy transition and advanced technologies.  

A cross-border team, led by Corporate partners Alexander Samson and Kelly Morrison in Australia advised on the matter. They were supported by partners Alexandra Lauvaux (New York), Oliver Wright (Washington DC) and Stefan Westh Wiencken (Copenhagen), senior associate Oliver William Forrester (Copenhagen), solicitor Howard Wang (Brisbane), associate Logan Weaver (Seattle) and graduate Georgie Welch (Brisbane). 

Commenting on the transaction, Alexander Samson said: “This transaction shows how quickly opportunities in the critical minerals sector can become global. Rare earth elements, and the significance of Greenland to US supply chains, is increasingly clear.  We worked closely with our colleagues in the US and Denmark to navigate the cross-border legal and commercial issues to deliver a coordinated approach for our client."