Inmet Mining Mails Offer to Petaquilla Copper Shareholdersadmin
Inmet Mining Corporation (IMN-TSX) announced that it has filed the formal offer for all of the outstanding common shares of Petaquilla Copper Ltd. (PTC-TSX) with Canadian securities regulators and has mailed the offer and related documents to Petaquilla Copper shareholders.
Under the offer, Petaquilla Copper shareholders will receive Cdn$2.00 per share in cash. The offer represents a 108 percent premium to the closing price of the shares on the Toronto Stock Exchange as at July 4, 2008, the last trading day immediately prior to announcement of the offer, and a premium of 85 percent to the 20-day volume weighted average price as at the same date.
The offer will be open for acceptance until 5:00 p.m. (Toronto time) on September 3, 2008, unless extended or withdrawn. The offer is subject to certain conditions, including among other things, the Petaquilla Copper shareholder rights plan being waived, invalidated or cease-traded, receipt of all necessary regulatory clearances, the absence of any material adverse change in Petaquilla Copper and minimum acceptance of the offer by Petaquilla Copper shareholders holding at least 50.1 percent of the outstanding shares of Petaquilla Copper calculated on a fully-diluted basis. Full details of the offer are included in the formal offer and take-over bid circular.
On July 5, 2008, certain institutional shareholders of Petaquilla Copper agreed to tender, in the aggregate, 15,079,000 Petaquilla Copper common shares, or 9.38 percent of the Petaquilla Copper issued and outstanding common shares to the offer.
Copies of the offer and take-over bid circular can be accessed from Inmet’s website at www.inmetmining.com and from the System for Electronic Document Analysis and Retrieval at www.sedar.com.
Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in four mining operations in locations around the world: Cayeli, Pyhäsalmi, Troilus and Ok Tedi. We also have interests in three development properties, Las Cruces, Cerattepe and Petaquilla.
This press release is also available at www.inmetmining.com.
Source: Inmet Mining Corporation