News (#1-2 January-February 2022)


Sayenko Kharenko advised on disposal of Ukrainian lithium projects to European Lithium Limited

Sayenko Kharenko has acted as legal counsel to Millstone Group in relation to acquisition of the entire shareholding in European Lithium Ukraine LLC by European Lithium Limited (EUR), and Millstone Group’s subsequent investment in EUR.

The company is in the process of obtaining special permits in respect of two lithium deposits, which are considered underexplored by modern exploration methods and contain significant exploration targets based on historical data. The acquisition is conditional upon the company obtaining special permits for the extraction and production of lithium and certain other conditions originating from EUR’s status as a publicly listed company. As consideration for acquisition of the Company, EUR will pay AUD 20 million worth of EUR’s ordinary shares and AUD 50 million in performance shares convertible into ordinary shares upon the projects achieving specific performance hurdles (milestones).

Sayenko Kharenko provided full-scope legal support for the deal, including advising on complex corporate law and transactional matters, drafting and negotiating transaction documents, signing and pre-closing assistance. Johnson Winter & Slattery (Sydney, Australia) advised Millstone Group on Australian law matters. Atkinson Lawyers (Perth, Australia) acted as lead counsel to EUR.

Sayenko Kharenko’s core team was led by senior associate Ilhar Hakhramanov under the general supervision of partner Oleksandr Nikolaichyk.


Asters advised Vitol on sale of 50% stake in Geo-Alliance Oil-Gas Public Limited

Asters acted as a Ukrainian law counsel to Arawak Energy Ukraine B.V., a member of the Vitol group of companies, in the sale of a 50% stake in Geo-Alliance Oil-Gas Public Limited to gas producer Geo Alliance Group Limited. Slaughter and May supported the transaction as the client’s international counsel.
 Asters provided comprehensive legal support on the issues of Ukrainian corporate, competition, banking and finance law, including drafting the share purchase agreement and other transaction documents.

Asters’ team working on the project was made up of senior partner Armen Khachaturyan, partners Yaroslav Petrov and Alexey Pustovit, and counsel Olena Radko and Maksym Tereshchuk.


CMS advised NAFTA International B.V.

CMS Cameron McKenna Nabarro Olswang in Ukraine has advised NAFTA International B.V., a Slovak oil and gas exploration, production and gas storage company, on the buyout of its joint venture partner, Cub Energy Inc., to become the owner of the entire 100% shareholding in the Ukrainian company, which holds a licence for the exploration and production of hydrocarbons near Uzhhorod, Ukraine.

The Uzhhorod License, covering 300 square kilometres, is a geological continuation of much-explored areas in eastern Slovakia and is on trend with discoveries in Slovakia.

CMS advised NAFTA on all aspects of the buyout transaction, including drafting and negotiating the transaction documents and assisting with closing and merger clearance. CMS previously advised NAFTA on its joint venture with Cub Energy Inc. and acquisition of a 50% stake in CNG Holdings Netherlands B.V.

The CMS team was led by partners Vitaliy Radchenko (energy & projects), Tetyana Dovgan (corporate, M&A), and Olga Belyakova (competition), with support from Louise Çakar, Mariana Saienko, Ihor Pavliukov, Denys Hatseniuk, Mykola Heletiy, Oleksandr Sytnyk, Anatolii Doludenko, Ivan Pshyk, William Anderson and Rory Thomson.


Sayenko Kharenko advised EBRD on EUR 10 million equivalent loan to Bank Lviv

Sayenko Kharenko acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development on providing a EUR 10 million synthetic loan in local currency to Bank Lviv under the EU4Business-EBRD Credit Line, a program aimed at enabling companies to upgrade their products and services in line with EU standards.

The financing will enable Bank Lviv to diversify its funding structure with medium-term local-currency resources and support the growth of its MSME portfolio. At least 50% of the funds will be dedicated to financing green technology.

The Sayenko Kharenko team was led by partner Igor Lozenko and included associate Denis Nakonechnyi and junior associate Oleksandr Motin.

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