VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/02/13 -- 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 5:00 p.m. (Eastern Daylight Time) on April 1, 2013, a total of 65,206,044 common shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"), representing 92.74% 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 shares tendered between March 21 and April 1, 2013 and will pay for such shares on or before April 5, 2013. Shares tendered on or before March 21, 2013 were previously taken up and paid for by the Offeror.
Inmet shareholders who tendered their shares between March 21 and April 1 and 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 $36.62 in cash and 1.6199 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.
As the Offer has now expired, the Offeror will proceed to acquire the balance of the Inmet shares not tendered to the Offer by way of Compulsory Acquisition, as more fully described in the Offer circular. A Notice of Compulsory Acquisition is expected to be mailed in the coming days to Inmet shareholders who did not tender their shares to the Offer. Shareholders are encouraged to carefully review, complete and return the Notice of Compulsory Acquisition, together with the certificates representing their Inmet shares, in accordance with the instructions included in the Notice of Compulsory Acquisition so as to receive payment for their shares as soon as possible.
Commenting upon the Offer's successful completion, Philip Pascall, First Quantum's Chairman and Chief Executive Officer, said:
"We are delighted that our Offer was met with such overwhelming acceptance by Inmet shareholders. We wish to once again thank them for their tremendous support throughout the course of our Offer and to welcome them as new shareholders of First Quantum. We look forward to a bright future in which, together, we turn our vision of a new global copper leader into a reality."
Bankers, Advisors and Information Agent
First Quantum engaged Jefferies International, Goldman, Sachs & Co., and RBC Capital Markets to act as its financial advisors in connection with the Offer. Fasken Martineau DuMoulin LLP acted as legal counsel to First Quantum in connection with the Offer.
Financing for the Offer is being provided by Standard Chartered Bank.
Georgeson Shareholder Communications Canada, Inc. has been retained as information agent for the Offer. Shareholders may contact Georgeson at:
Toll Free (North America): 1-866-656-4120Outside North America Call Collect: 1-781-575-2421Email: firstname.lastname@example.org