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Desmond Lee

Desmond Lee

Partner, Corporate

Co-Chair: Corporate Finance and Securities


Contact Information

dlee@osler.com

tel: 416.862.5945

Office

Toronto

Bar Admission

Ontario, 1998

Education
  • McGill University, LL.B.
  • Queen’s University, B.Sc. (Hons.)
Language(s)
English

Desmond co-leads the Firm’s corporate finance and securities practice. He is responsible for the origination and execution of equity and debt financing transactions, and has acted on numerous initial public offerings, new issues, secondary offerings and private placements for issuers primarily in the diversified, financial services, healthcare, mining, power and utilities and real estate industries. He has extensive experience advising investment banking clients on a variety of day-to-day issues, including trading questions and regulatory matters, and has also served as the corporate secretary of a TSX-listed issuer. Desmond has a Bachelor of Science degree in geological sciences.

According to Chambers Canada, clients say he is “a very talented lawyer who gets to the point quickly”. He is ranked as a leading lawyer for capital markets or securities work by Chambers Canada, IFLR1000, The Legal 500, Lexpert and Best Lawyers.

Key transactions include:

  • IPOs for Canada Goose, Capital Power, Cara, Dream Global REIT, Dream Industrial REIT, Hydro One and Jamieson Wellness.
  • New issues and secondary offerings for Algoma Central, Barrick Gold, Belo Sun Mining, Cameco, Canada Goose, Capital Power, Cara, Corus Entertainment, various issuers in the Dream group of real estate funds, ECN Capital, Element Fleet Management, Fairfax Financial Holdings, First Quantum Minerals, Granite REIT Holdings, Lake Shore Gold, TransAlta and TransAlta Renewables.
  • Notable equity offerings include Barrick Gold (US$3 billion), Element Financial ($2.8 billion), Fairfax Financial Holdings ($1.3 billion), Hydro One ($1.8 billion), First Quantum Minerals ($1.4 billion) and Valeant Pharmaceuticals ($1.4 million and $2.3 million).

Desmond has acted as underwriters’ counsel for major investment banks, including BMO Capital Markets, CIBC, Credit Suisse, Goldman Sachs, RBC Capital Markets, Scotiabank and TD Securities.

    IPOs

    • Canada Goose Holdings Inc. – counsel to the underwriters.
    • CanWest MediaWorks Income Fund – counsel to the issuer.
    • Capital Power Corporation – counsel to the underwriters.
    • Cara Operations Limited – counsel to the underwriters.
    • Dream Global REIT (formerly Dundee International REIT) – counsel to the issuer.
    • Dream Industrial REIT (formerly Dundee Industrial REIT) – counsel to the issuer.
    • Hydro One Limited – counsel to the issuer.
    • IMRIS Inc. – counsel to the underwriters.
    • InnVest REIT – counsel to the underwriters.
    • Jamieson Wellness Inc. – counsel to the underwriters.
    • Kinder Morgan Canada Limited – counsel to the underwriters.
    • Pizza Pizza Royalty Corp. (formerly Pizza Pizza Royalty Income Fund) – counsel to the underwriters.
    • The Second Cup Ltd. (formerly Second Cup Royalty Income Fund) – counsel to the issuer

     

    New Issues and Secondary Offerings

    • Acasti Pharma Inc. – counsel to the sponsor in connection with the listing of Acasti as a separately-traded company.
    • ACE Aviation Holdings Inc. – counsel to the underwriters in its offerings of shares and convertible senior notes.
    • Algoma Central Corporation – counsel to the underwriters in its offering of convertible debentures.
    • Barrick Gold Corporation – counsel to the underwriters in its MJDS public offering of common shares.
    • Belo Sun Mining Corp. – counsel to the underwriters in its public offering of common shares.
    • Cameco Corporation – counsel to the issuer in its MJDS public offering of common shares.
    • Canada Goose Holdings Inc. – counsel to the underwriters in its secondary public offering of common shares by selling shareholders.
    • Capital Power Corporation – counsel to the underwriters in various public offerings of equity in the form of common shares, subscription receipts and preferred shares.
    • Cara Operations Limited – counsel to the underwriters in its secondary public offering of subordinate voting shares by a selling shareholder and private placement of subscription receipts to partially fund the acquisition of St-Hubert.
    • Celestica Inc. – counsel to the underwriters in various public offerings of equity.
    • Chorus Aviation Inc. (formerly Jazz Air Income Fund) – counsel to the issuer in its public offering of convertible debentures.
    • Corus Entertainment Inc. – counsel to the issuer in its public offering of subscription receipts to partially fund the transformative acquisition of Shaw Media Inc.
    • Dream Global REIT (formerly Dundee International REIT) – counsel to the issuer in its public offering of equity to partially fund the transformative acquisition of its Netherlands real estate platform and various other public offerings of equity.
    • Dream Industrial REIT (formerly Dundee Industrial REIT) – counsel to the issuer in various public offerings of equity.
    • Dream Office REIT (formerly Dundee REIT) – counsel to the issuer in its formation as a REIT and various public offerings of equity and investment grade debt, including its inaugural investment grade debt offering.
    • Dream Unlimited Corp. – counsel to the issuer in its public offering of equity.
    • ECN Capital Corp. – counsel to the underwriters in various public offerings of preferred shares.
    • Element Fleet Management Corp. (formerly Element Financial Corporation) – counsel to the underwriters in various public offerings of equity and other securities.
    • Extract Resources Ltd. – counsel to the underwriters in its special warrant offering and subsequent prospectus qualification of ordinary shares.
    • Fairfax Financial Holdings Limited – counsel to the underwriters in various public offerings of equity and debt.
    • First Quantum Minerals Ltd.  – counsel to the underwriters in its public offering of common shares.
    • Granite REIT Holdings Limited Partnership – counsel to the agents in various investment grade debt offerings, including its inaugural investment grade debt offering.
    • Immunovaccine Inc. – counsel to the agents in its public offering of equity.
    • IMRIS Inc. – counsel to the underwriters in its public offering of common shares.
    • InnVest REIT – counsel to the underwriters in various public offerings of equity.
    • Lake Shore Gold Corp. – counsel to the underwriters in various public offerings of common shares.
    • Oncolytics Biotech Inc. – counsel to the underwriters in various public offerings of common shares.
    • Orezone Gold Corporation – counsel to the underwriters in its public offering of equity.
    • Telesat Canada – counsel to the initial purchasers in various offerings of senior notes.
    • TransAlta Corporation – counsel to the underwriters in various public offerings of equity and debt.
    • TransAlta Renewables Inc. – counsel to the underwriters in various public offerings of equity in the form of subscription receipts and common shares.
    • Valeant Pharmaceuticals International, Inc. – counsel to the issuer in various offerings of common shares.
    • Xplornet Communications Inc. (formerly Barrett Xplore Inc.) – counsel to the initial purchasers in its offering of senior notes and warrants.

  • The Best Lawyers in Canada, 2014-2018, recognized in the area of Securities Law.
  • The Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada, 2017: Corporate Finance & Securities.
  • The Canadian Legal Lexpert Directory, 2017, Most Frequently Recommended in the area of Corporate Finance & Securities.
  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, 2014-2017, Most Frequently Recommended in the area of Corporate Finance & Securities.
  • The Legal 500, 2017, recognized as a Recommended Lawyer in the area of Capital Markets.
  • The Legal 500, 2017, recognized as a Leading Lawyer in the area of Capital Markets.
  • The Legal 500, 2015-2016, recognized in the area of Capital Markets.
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms, 2010-2011 and 2017, recognized in the area of Capital Markets.
  • Chambers Canada: Canada’s Leading Lawyers for Business, 2017, Band 1, recognized in the area of Capital Markets: Debt & Equity (Nationwide - Canada).
  • The Canadian Legal Lexpert Directory, 2014-2016, Repeatedly Recommended in the area of Corporate Finance & Securities.
  • Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada, 2014-2015.
  • The Canadian Legal Lexpert Directory, 2015-2016, Repeatedly Recommended in the area of Corporate Commercial Law.
  • The Canadian Legal Lexpert Directory, 2016, Consistently Recommended in the area of Corporate Finance & Securities.
  • Lexpert Special Edition: Canada’s Leading Corporate Lawyers, 2014.
  • Named as Leading Lawyer Under 40 by Lexpert.

Desmond has been a board member of a number of charitable arts organizations, including The Canadian Art Foundation, the Images Festival and Visual Arts Ontario. He was formerly the co-chair of the board of The Canadian Art Foundation, which publishes Canadian Art magazine, Canada’s leading visual arts publication. In that capacity, he helped lead the foundation through several leadership changes and a strategic re-focus of its vision and mandate.

  • Canadian Bar Association
  • Law Society of Upper Canada

  • 2011 Corporate Finance Review, Osler Capital Markets Review, January 2012
  • The IPO Environment in 2010 and Beyond, Osler Capital Markets Review, January 2011
  • Canadian Capital Markets Update, Osler Corporate Review, October 1, 2009
  • Consider MJDS for Your Next Mining Company Bought Deal, Osler Mining Review, April 28, 2009