HudBay Minerals to Exercise Compulsory Acquisition Rights After Expiry of Offer for Norsemont Mining on March 15, 2011admin
HudBay Minerals Inc. confirmed today that it has successfully acquired more than 90% of the common shares of Norsemont Mining Inc. that it did not already own at the time of its offer to acquire all of the issued and outstanding Norsemont Shares. HudBay also announced that it will acquire the remaining Norsemont Shares pursuant to compulsory acquisition rights and will not be extending its offer beyond the current expiry time of 5:00 p.m. (Toronto time) on March 15, 2011. HudBay anticipates that payment for Norsemont Shares acquired pursuant to the compulsory acquisition rights will be made no earlier than June 2011, and Norsemont shareholders who would prefer to receive their consideration before that time are encouraged to deposit their shares under the offer before it expires. HudBay will pay for all shares taken up at the expiry of the bid by March 18, 2011. HudBay common shares issued as consideration in respect of Norsemont Shares taken up on March 15, 2011 will be entitled to participate in the March 21, 2011 record date for HudBay’s semi-annual dividend of $0.10 per common share, which is payable on March 31, 2011. Norsemont shareholders whose shares are acquired pursuant to the compulsory acquisition rights will not be eligible to receive the March 31, 2011 dividend.