Appleby Advises Namib Minerals on Completed De-SPAC Merger with Hennessy Capital Investment Corp. VI, Setting Record as Africa’s Largest De-SPAC Deal to Date
Appleby is pleased to announce that it acted as Cayman Islands legal counsel to Namib Minerals in connection with the closing of its business combination with Hennessy Capital Investment Corp. VI (Nasdaq: HCVI), a publicly traded special purpose acquisition company (SPAC).
The transaction, which closed on 5 June 2025, results in Namib Minerals becoming a publicly listed company on Nasdaq under the ticker symbol “NAMM”. Under the terms of the business combination, Namib was valued at a pre-money enterprise value of $500 million, based on the issuance of approximately 50 million ordinary shares. The agreement also provides for up to 30 million additional ordinary shares to be issued if Namib achieves certain operational milestones, including the commercial production of the Mazowe and Redwing mines.
Namib Minerals is an established African gold producer with an attractive portfolio of mines in Zimbabwe supported by high-grade, low-cost production, extensive infrastructure and pro-mining government policy.
Appleby advised on all Cayman Islands legal aspects of the transaction, drawing on its extensive experience in cross-border SPAC mergers and capital markets transactions.
The Appleby team was led by Partner Simon Raftopoulos and Counsel Alexandra Low, and supported by Senior Paralegal Petrina Moore.
This transaction continues Appleby’s strong track record advising on high-profile de-SPAC combinations and capital markets transactions across the natural resources and energy sectors.
