Ogier BVI has acted for Ogier Guernsey client Baker Steel Capital Managers LLP on the acquisition of a 40% stake in Polar Silver Resources Ltd for US$20 million.  Polar Silver Resources Ltd (a BVI company) holds, through a subsidiary, a 50% interest in a Russian exploration and mining licence for silver deposits in the Republic of Sakha (Yakutia), Russia.  Ten days after the original acquisition, Baker Steel sold on 15% of its stake in Polar Silver to a third party investor, with part of the consideration for this onsale being satisfied by a security package containing Swiss and Canadian law governed security.

It is intended that Polar Silver Resources Ltd will in the next 4 months proceed to seek a listing on the Toronto Stock Exchange by way of a reverse merger.

Ogier acted as lead counsel to Baker Steel, led by Corporate Partner Simon Schilder and Senior Associate Richard Spencer, with Managing Associate Rachael McDonald advising on the security package.  Russian legal advice was provided by Squire, Sanders & Dempsey in Moscow, Canadian legal advice by Bennett Jones LLP in Toronto and Swiss legal advice by Borel & Barbey in Geneva.  Chadbourne & Parke acted as lead counsel for the investor on the onsale, with Gibson Dunn & Crutcher LLP acting as lead counsel for an interested third party.