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RCF Acquisition Corp. - RCFA

  • Commons

    $10.04

    +0.00%

    RCFA Vol: 0.0

  • Warrants

    $0.25

    -14.23%

    RCFA+ Vol: 5.3K

  • Units

    $10.00

    +0.00%

    RCFA= Vol: 0.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 228.6M
Average Volume: 91.1K
52W Range: $9.73 - $10.31
Weekly %: -0.40%
Monthly %: +0.40%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 234
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant
Trust Size: 20000000.0M

Management

Our officers, directors and director nominees are as follows: Name Age Position James McClements 58 Chairman and Director Sunny S. Shah 39 Chief Executive Officer and Director Thomas M. Boehlert 61 Chief Financial Officer and Director Nominee Robin Anne Bienenstock 52 Director Nominee Elodie Grant Goodey 48 Director Nominee Timothy Baker 69 Director Nominee Daniel Malchuk 56 Director Nominee James McClements, 58, has been our Chairman since July 2021. Mr. McClements co-founded RCF in 1998 and has helped to oversee its strategic direction since its founding. He has 35 years of experience in the mining industry and, prior to launching RCF, was a natural resources sector banker at both N.M. Rothschild & Sons and Standard Chartered PLC. Mr. McClements has extensive experience in project identification and development, valuation, M&A and sourcing capital across both private and public capital markets. He has served on the boards of directors of eight public mining companies and numerous private portfolio companies. Mr. McClements currently serves on the boards of directors of three mining companies: (i) Mineral Resources Ltd. (OTCMKTS: MALRF), a mining company with an A$10 billion market capitalization and a substantial mining services division as well as iron ore and lithium operations; (ii) Ausenco, a global, market-leading engineering services business and a RCF portfolio company with 26 offices across 14 countries currently executing several new copper mine developments; and (iii) GAM, another RCF portfolio company, which is a leading producer and manufacturer of downstream tantalum products, with an active additive manufacturing business that Mr. McClements was instrumental in establishing. He began his professional career with BHP Limited after completing an honors degree in Economics from the University of Western Australia. Sunny S. Shah, 39, has served as our Chief Executive Officer and as a Director on our board of directors since July 2021. Mr. Shah is an accomplished investment banker with over 18 years of global metals and mining advisory experience. From May 2011 to June 2021, he was an investment banker at Goldman Sachs (NYSE: GS), where most recently he was managing director and head of EMEA Metals and Mining investment banking division for Goldman Sachs International, as well as manager for all analysts within the EMEA Natural Resources team. Prior to working at Goldman Sachs, Mr. Shah spent eight years at Citigroup Inc. (NYSE: C) in both London and New York in a similar role. Over his career, Mr. Shah has executed and advised on over $225 billion in M&A and financing transactions. Selected notable transactions on which he has advised include: (i) Acerinox, S.A. (OTCMKTS: ANIOY) on its acquisition of VDM, a special metal alloy manufacturer; (ii) Anglo American PLC (OTCMKTS: NGLOY) (“Anglo American”), on its sale of an equity stake in the Quellaveco Copper Project to Mitsubishi Corporation (OTCMKTS: MSBHF); (iii) Anglo American, on the sale of its Niobium and Phosphates business for $1.5 billion to China Molybdenum Co. Ltd (OTCMKTS: CMCLF); (iv) Anglo American, on the sale of its Anglo Norte business, Mantos Copper; (v) BHP Group Ltd. (NYSE: BHP), on its proposal to combine with Rio Tinto Group (OTCMKTS: RTNTF); and (vi) Arcelor on numerous M&A and financing transactions, including its recent $2 billion capital raise, its acquisition of Essar Steel India Private Limited as well as the merger between Mittal Steel and Arcelor. Through his experience, Mr. Shah has developed an extensive global network within the metals and mining industry across base, battery and ferrous metals as well as downstream steel. He holds a Bachelor of Science (Honors) in Business Mathematics and Statistics from the London School of Economics. We believe Mr. Shah is qualified to serve on our board of directors because of his investment banking experience within the mining and metals industries. Thomas M. Boehlert, 61, our Chief Financial Officer, will serve on our board of directors following the effectiveness of the registration statement of which this prospectus forms a part. Mr. Boehlert is a senior natural resources and commodity executive with over 20 years of experience across a range of public and private companies. Most recently, from 2017 to 2019, he served as chief financial officer and executive vice president of Bunge, a global agricultural and food company where he designed, managed and implemented the Global Competitiveness Program to improve business effectiveness and reduce costs and played a key role in guiding the company through M&A, leadership transitions, financings, and activist investor settlements to drive value creation. Prior to working at Bunge, Mr. Boehlert served as chief executive officer, president and director at First Nickel Inc. (TSX: FNI), a private equity-backed base metal mining company, 114 Table of Contents from 2011 to 2015, where he was instrumental in recruiting an experienced leadership team, advancing a mine from development into production and setting a clear operating strategy. Mr. Boehlert also served as chief financial officer and executive vice president of Kinross from 2006 to 2011, during which time the market value of Kinross grew from approximately $6 billion to $20 billion. He has also held chief financial officer roles with Texas Genco, Direct Energy LP and Sithe Energies, Inc. Earlier in his career, Mr. Boehlert created and led Credit Suisse Group’s EMEA infrastructure and project finance business. He has served as chair of each of the Audit Committee and the Compensation Committee of the board of directors of Arizona Sonoran Copper Company, Inc. since 2020. From September 2019 to February 2021, Mr. Boehlert served on the board of directors of TMAC Resources Inc. (TMX: TMR) where he was chair of the Audit Committee and a member of the Special Committee. He was also previously a member of the board of directors of Harry Winston Diamond Corp. Mr. Boehlert holds a Master’s of Business Administration degree from New York University and a Bachelor of Arts degree from Indiana University and is a certified public accountant (inactive). Robin Anne Bienenstock, 52, will serve on our board of directors following the effectiveness of the registration statement of which this prospectus forms a part. Ms. Bienenstock is a successful investor and independent public company director with over 25 years of blue-chip experience with global companies. Until April 2021, she served as an investment partner at RBMP, a long-short hedge fund which she founded in London in 2017. RBMP employed a contrarian value philosophy focusing on developed world equities across numerous sectors including metals and mining. Prior to RBMP, Ms. Bienenstock was a partner at Marlin Sams Fund LP, a highly concentrated value-investment firm, a highly-ranked senior analyst at Sanford Bernstein & Co., LLC from 2007 to 2014, and Associate Principal at McKinsey & Company. Ms. Bienenstock currently serves as a non-executive director on the board of directors at Cogeco Communications (OTCMKTS: CGEAF), where she has been a member of the Audit Committee since November 2020. Previously, she served as chair of the Safety & Corporate Social Responsibility Committee and a member of the Corporate Governance Committee of the board of directors of Torex Gold Resources Inc. (OTCMKTS: TORXF). She has also served as: chair of the Compensation Committee and a member of the Corporate Governance Committee of the board of directors of Pretium Resources Inc. (NYSE: PVG) from October 2018 to January 2021; a non-executive director and member of the Audit Committee of the board of directors of Sunrise Communications Group AG, a Swiss telecommunications provider, from April 2016 to April 2020; a non-executive director and member of the Audit Committee of the board of directors of Tele Columbus AG (Xetra: Tele Columbus), a German cable provider, from December 2014 to December 2016; and a member of the board of directors of Oi S.A. (NYSE: OIBR.C), one of the largest telecommunications companies in Brazil and South America. Ms. Bienenstock holds a Bachelor of Arts degree from Trinity College, Oxford University, a Master’s Degree in International Economics and Management from SDA Bocconi and was a PhD Candidate in International Relations and a Canadian Defence Scholar in Political Science at the University of Toronto. We believe Ms. Bienenstock is qualified to serve on our board of directors because of her experience serving on the boards of various global organizations. Elodie Grant Goodey, 48, will serve on our board of directors following the effectiveness of the registration statement of which this prospectus forms a part. Ms. Grant Goodey is a leading ESG professional with over 25 years of senior leadership and board level experience in social performance, governance, risk assessment, stakeholder engagement and external issues management across the oil and gas and mining industries. She is currently a managing director with Saltus Consulting Limited, where she leads ESG consulting projects for the extractive industry in Africa and Latin America, and is also practice lead at International Conflict and Security (INCAS) Consulting Ltd., where she focuses on human rights compliance and responsible sourcing for the extractive industry. Prior to these roles, Ms. Grant Goodey worked for over 17 years at BP PLC (NYSE: BP) in a variety of roles including as head of societal issues and relationships from 2010 to 2015. In this position, she was responsible for leading the identification and management of social policy issues and stakeholder engagement. Ms. Grant Goodey has served as the senior independent director, chair of the Audit and Risk Committee, a member of the Remuneration Committee, and chair of the Health, Safety, Environment and Community Committee on the board of directors of SolGold PLC (OTCMKTS: SLGGF) since 2020 and also serves as a member of the Advisory Board for Celicourt Communications, a leading communications consultancy based in London. Previously, she was a member of the board of directors of Amerisur Resources (LON: AMER) and the Extractive Industries Transparency Initiative as well as a member of the FTSE’s ESG Advisory Group. Earlier in her career, Ms. Grant Goodey held roles with Monitor Deloitte and BBC World Service and has volunteered for a number of human rights nonprofit organizations. She holds a Bachelor of Arts degree from the University of London and a Diplôme d’études universitaires générales in History from the Sorbonne. We believe Ms. Grant Goodey is qualified to serve on our board of directors because of her international board experience. 115 Table of Contents Timothy Baker, 69, will serve on our board of directors following the effectiveness of the registration statement of which this prospectus forms a part. Mr. Baker is an experienced corporate director and mining executive with over 40 years of experience in the mining industry. Mr. Baker served as chief operating officer of Kinross Gold Corporation (NYSE: KGC), a senior gold mining company with operations in the USA, Chile, Brazil, Russia and West Africa, from 2006 to his retirement in 2010. Prior to that he worked for nearly 20 years for Placer Dome Inc. (“Placer Dome”) in Canada, Chile, Venezuela, the USA and Tanzania, culminating as Country Manager for Chile up to the time of Barrick Gold Corporation (NYSE: GOLD)’s acquisition of Placer Dome. He has subsequently acted as a corporate director for various mining companies. He has been the chairman of the board of Golden Star Resources Ltd. (NYSE A: GSS) since January 2013 and has been a director of Triple Flag Precious Metals Corp. (TSE: TFPM) since May 2021 and director of Mag Silver Corp. (NYSE A/TSX: MAG) since March 2021, for which he is a member of the Remuneration Committee. He served as a director of Sherritt International (OTCMKTS: SHERF) from May 2014 to May 2021, where he chaired the EHSS Committee, a director of Alio Gold Inc. (NYSE A/TSX: ALO) (previously Rye Patch Gold Corp.) from December 2016 to May 2019, where he was a member of the Remuneration Committee, and a director of Antofagasta PLC (OTCMKTS: ANFGF) from March 2011 to May 2020, where he served as chair of the Remuneration Committee. Mr. Baker has a Bachelor of Science degree with Honors in Geology from Edinburgh University. Daniel Malchuk, 56, will serve on our board of directors following the effectiveness of the registration statement of which this prospectus forms a part. Mr. Malchuk is a seasoned global executive in the metals and mining sector with over 25 years of experience leading operations, business development and exploration activities as well as commercial transactions in more than 20 countries. Until December 2020 he served as president of Operations at BHP Group Ltd. (ASX: BHP) with P&L accountability for all mineral businesses in the Americas region. This portfolio of assets and projects comprises more than 20,000 people, has revenues of more than $12 billion per year and annual capital expenditures in the order of $2.5 billion with operated and non-operated activities in Chile, Peru, Ecuador, Brazil, Colombia, the United States and Canada. Prior to that, Mr. Malchuk had a long career with BHP holding a variety of strategic, commercial, and operational roles in Chile, Singapore, Australia, and the United States including his last eight years of experience as C-suite executive. Some of his prior roles were president of Aluminium, Manganese and Nickel, president of Global Mineral Explorations, and vice president of Strategy and Development Base Metals. Mr. Malchuk has had significant exposure to board dynamics, having served as a member and chair of boards in various JV companies in Australia, Africa, and the Americas, as well as of private entities and industry associations. Mr. Malchuk has also worked as an investment banker for Dresdner Kleinwort Benson covering the metals and mining sector. Mr. Malchuk holds an Industrial Engineering degree from University of Chile and a Master’s in Business Administration from the Anderson School at UCLA. Number and Terms of Office of Officers and Directors Our board of directors consists of seven members and is divided into three classes with only one class of directors being appointed in each year, and with each class (except for those directors elected prior to our first annual general meeting) serving a three-year term. In accordance with NYSE corporate governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on the NYSE. The term of office of the first class of directors, consisting of Elodie Grant Goodey and Timothy Baker, will expire at our first annual general meeting. The term of office of the second class of directors, consisting of Robin Anne Bienenstock and Daniel Malchuk, will expire at the second annual general meeting. The term of office of the third class of directors, consisting of James McClements, Sunny S. Shah and Thomas Boehlert, will expire at the third annual general meeting. Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint officers as it deems appropriate pursuant to our amended and restated memorandum and articles of association. Director Independence The rules of the NYSE require that a majority of our board of directors be independent within one year of our initial public offering. An “independent director” is defined generally as a person who, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). Upon the effectiveness of the registration statement of which this prospectus forms a part, we expect to have three “independent directors” as defined in the NYSE rules and applicable SEC rules. Our board of directors has determined that each of Robin Anne Bienenstock, Elodie Grant Goodey, Timothy Baker and Daniel Malchuk is an “independent director” as defined in the NYSE listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present. 116 Table of Contents Officer and Director Compensation None of our officers or directors have received any cash compensation for services rendered to us. Commencing on the date that our securities are first listed on the NYSE through the earlier of consummation of our initial business combination and our liquidation, we will pay an affiliate of our sponsor $10,000 per month for office space, utilities, secretarial and administrative support services provided to members of our management team. We expect to enter into an employment agreement with our chief executive officer after the closing of this offering. In addition, our sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates. Any such payments prior to an initial business combination will be made from funds held outside the trust account. Other than quarterly audit committee review of such reimbursements, we do not expect to have any additional controls in place governing our reimbursement payments to our directors and officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection with identifying and consummating an initial business combination. Other than these payments and reimbursements, no compensation of any kind, including finder’s and consulting fees, will be paid by the company to our sponsor, officers and directors, or any of their respective affiliates, prior to completion of our initial business combination. After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation materials or tender offer materials furnished to our shareholders in connection with a proposed initial business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our board of directors. We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q QUARTERLY REPORT 2022-04-25 https://www.sec.gov/Archives/edgar/data/1870143/000121390022021239/f10q0322_rcfacquis.htm
SC 13G 2022-04-14 https://www.sec.gov/Archives/edgar/data/1870143/000148711822000005/RCFA_SC13G.htm
8-K CURRENT REPORT 2022-04-01 https://www.sec.gov/Archives/edgar/data/1870143/000121390022017525/ea157849-8k_rcfacq.htm
SC 13G SCHEDULE 13G 2022-02-14 https://www.sec.gov/Archives/edgar/data/1870143/000121390022007376/ea154817-13grcf7_rcfacq.htm
10-K 10-K 2022-02-11 https://www.sec.gov/Archives/edgar/data/1870143/000121390022006998/f10k2021_rcfacquisition.htm
SC 13G SC 13G 2022-02-08 https://www.sec.gov/Archives/edgar/data/1870143/000110465922013399/tm225488d24_sc13g.htm
8-K CURRENT REPORT 2021-12-28 https://www.sec.gov/Archives/edgar/data/1870143/000121390021067634/ea153071-8k_rcfacq.htm
SC 13G RCF ACQUISITION CORP. 2021-11-24 https://www.sec.gov/Archives/edgar/data/1870143/000090266421005100/p21-2597sc13g.htm
SC 13G FORM SC 13G 2021-11-19 https://www.sec.gov/Archives/edgar/data/1870143/000106299321011230/formsc13g.htm
8-K CURRENT REPORT 2021-11-18 https://www.sec.gov/Archives/edgar/data/1870143/000121390021060626/ea150777-8k_rcfacquisition.htm
8-K CURRENT REPORT 2021-11-16 https://www.sec.gov/Archives/edgar/data/1870143/000121390021060057/ea150444-8k_rcfacquisition.htm
424B4 PROSPECTUS 2021-11-12 https://www.sec.gov/Archives/edgar/data/1870143/000121390021058709/f424b41121_rcfacq.htm
EFFECT 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/999999999521004269/xslEFFECTX01/primary_doc.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057907/xslF345X02/ownership.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057908/xslF345X02/ownership.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057909/xslF345X02/ownership.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057906/xslF345X02/ownership.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057910/xslF345X02/ownership.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057905/xslF345X02/ownership.xml
3 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057904/xslF345X02/ownership.xml
CERT NYSE CERTIFICATION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1870143/000087666121001592/RCF110921.pdf
8-A12B FOR REGISTRATION OF CERTAIN CLASSES 2021-11-08 https://www.sec.gov/Archives/edgar/data/1870143/000121390021057298/ea150115-8a12b_rcfacqu.htm
CORRESP 2021-11-05 https://www.sec.gov/Archives/edgar/data/1870143/000121390021056989/filename1.htm
CORRESP 2021-11-05 https://www.sec.gov/Archives/edgar/data/1870143/000121390021056987/filename1.htm
S-1 REGISTRATION STATEMENT 2021-10-25 https://www.sec.gov/Archives/edgar/data/1870143/000121390021054275/fs12021_rcfacquisition.htm
UPLOAD 2021-08-13 https://www.sec.gov/Archives/edgar/data/1870143/000000000021009948/filename1.pdf
DRS 2021-08-03 https://www.sec.gov/Archives/edgar/data/1870143/000121390021040057/filename1.htm