VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/22/13 -- First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX: FM)(LSE: FQM) and its wholly-owned subsidiary FQM (Akubra) Inc. (together, the "Offeror") today announced that, as at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013, a total of 60,120,405 common shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"), representing 85.5% of the outstanding Inmet shares (on a fully diluted basis), had been validly tendered to the Offeror's offer (the "Offer") to acquire all of the outstanding shares of Inmet. The Offeror has taken up and accepted for payment all such shares and will pay for such shares on or before March 27, 2013.
Inmet shareholders who elected: (a) the cash and share alternative will receive $36.00 in cash and 1.6484 common shares of First Quantum per Inmet share; (b) the share alternative will receive 3.2967 common shares of First Quantum per Inmet share; and (c) the cash alternative will receive $40.60 in cash and 1.4376 common shares of First Quantum, subject in each case to adjustment for fractional shares and to confirmation of the number of Inmet shares validly tendered pursuant to Notices of Guaranteed Delivery.
The Offer has also been extended and will now be open for acceptance until 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to allow Inmet shareholders an additional opportunity to tender to the Offer. If the Offeror is successful in acquiring 90% of the Inmet shares (on a fully diluted basis) under the Offer, the Offeror intends to acquire the balance of the Inmet shares by way of Compulsory Acquisition, as more fully described in the Offer circular. If the Offeror does not acquire 90% of the Inmet shares (on a fully diluted basis) under the Offer, the Offeror will be implementing a Subsequent Acquisition Transaction to acquire the balance of the Inmet shares, as more fully described in the Offer circular. Inmet shareholders are urged to tender their Inmet shares, to the extent they have not already done so, prior to the expiry of the Offer at 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to receive payment for their shares sooner rather than later.
The combination of the First Quantum and Inmet assets has created one of the world's leading copper producers with a geographically diversified portfolio of high-quality operations and development projects in eight countries across four continents.
With pro forma revenues in 2013 forecast to be in excess of US$3.5 billion and a strategic plan to produce more than 1.3 million tonnes per annum of copper by 2018, the Company is poised to become the largest, widely-held pure-play copper producer and one of the top five copper producers in the world.
The Company will be one of the fastest growing copper companies with a projected compound annual growth in copper production of more than 20% for at least the next decade. It is also positioned to benefit from a strengthened financing profile, greater liquidity, the ability to generate substantial free cash flow and the flexibility to use debt and equity capital markets at a lower long-term cost.
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