And it goes on and on.......
March 12, 2013 08:53 ET
First Quantum Minerals Announces Final Variation and Extension of Offer: 61.45% of Inmet Shares Tendered to Date
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today announced that, by delivery of a written notice to Computershare Investor Services Inc. prior to 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, First Quantum varied and extended its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"). The Offer will now be open for acceptance until 11:59 p.m. (Eastern Daylight Time) on March 21, 2013, unless further extended or withdrawn.
A Notice of Variation and Extension has been filed with the Canadian securities regulators and will be available for review at www.sedar.com. The Notice of Variation and Extension is also being mailed to Inmet shareholders in accordance with applicable Canadian securities laws.
As at 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, a total of 43,207,256 Inmet Shares, representing approximately 61.45% of the outstanding Inmet shares (on a fully diluted basis), had been tendered to the Offer. The Offer has been varied to allow the minimum tender condition to be satisfied if more than 50% of the outstanding Inmet shares (on a fully diluted basis) have been validly deposited, prior to the new expiry time of the Offer. Accordingly, based on tenders to date, First Quantum anticipates being in a position to complete the Offer and begin taking up and paying for shares promptly following the expiry of the Offer at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013.
If as expected more than 662/3% of the outstanding Inmet shares (on a fully diluted basis) have been validly deposited under the Offer as at the new expiry time of the Offer, First Quantum will be implementing a Subsequent Acquisition Transaction to acquire the balance of the Inmet shares not deposited under the Offer, as more fully described in the Offer circular. Since implementing a Subsequent Acquisition Transaction could take as long as several months, Inmet shareholders are strongly encouraged to tender their Inmet shares to the Offer, to the extent they have not already done so, prior to the expiry of the Offer at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013 in order to receive payment for their shares sooner rather than later.
The Offer has also been varied to allow eligible holders of Inmet shares to make an election providing for a tax-free rollover for Canadian income tax purposes in respect of the First Quantum shares they receive as consideration under the Offer.
Commenting upon the variation and extension, Mr. Philip Pascall, CEO and Chairman of First Quantum, said:
"We are delighted with the overwhelming support that Inmet shareholders have shown for our Offer. We have varied our Offer such that the minimum tender condition will now be satisfied if more than 50% of the Inmet shares have been tendered at the revised expiry time of the Offer. Accordingly, with all regulatory approvals already received, it is our expectation that we will be in a position to complete the Offer and begin taking up and paying for shares shortly following the expiry of the Offer on March 21, 2013.
This is our best and now final Offer. We urge all Inmet shareholders who haven't yet tendered to do so before 11:59 p.m. (Eastern Daylight Time) on March 21, 2013 so that they can receive the consideration for their shares sooner rather than later.
We look forward to working with Inmet's management team and Board of Directors to ensure a seamless change of ownership and management of Inmet. We are excited at the prospect of being able to apply First Quantum's experience and unique skills to Cobre Panama as soon as possible."
Bankers, Advisors and Information Agent
First Quantum has 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 is acting 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): 1-866-656-4120
Outside North America Call Collect: 1-781-575-2421
Email: askus@georgeson.com
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