Invecture Secures Additional 15.3% Lock-up to its Frontera Copper Bid
John Detmold, CEO of Invecture Group, SA de CV, the largest shareholder of Frontera Copper Corp., announced that Frontera’s next largest shareholder has signed a permitted lock-up agreement with Invecture to tender 9,887,500 Frontera shares into Invecture’s $0.59 per share take-over bid which expires February 6, 2009. Invecture currently owns 19.9% of Frontera and has now secured permitted lock-ups from the next two largest shareholders which together own 27.1% of Frontera bringing the total Frontera shares which Invecture holds or which have been committed to the bid to 47%. A permitted lock-up is one which is permitted by the terms of Frontera’s 2006 shareholders rights plan. The latest lock-up will be filed at www.SEDAR.com.
Mr. Detmold commented “Invecture believes that this lock-up represents an important endorsement of our bid given the size of the share holding involved. With our bid continuing to have an 18% premium over Frontera’s prevailing market price, we feel that it fully and fairly values Frontera and we look forward to its successful completion next week.”
