Lundins, others buy all Macquarie Bank's Red Back
Red Back Corporate Update
Last Update: 3:11 PM ET Feb 17, 2006
VANCOUVER, BRITISH COLUMBIA, Feb 17, 2006 (CCNMatthews via COMTEX) -- Red Back Mining Inc. (the "Company" or "Red Back") (CA:RBI: news, chart, profile) is pleased to report that it has assisted in the sale of Macquarie Bank Limited's ("Macquarie Bank") share position in Red Back (15.3 million shares) to private banking clients in Switzerland at a price of CDN$2.65 per share. Macquarie Bank continues to hold 3.95 million warrants of the Company at an average exercise price of CDN$2.25.
Of the 15.3 million shares, the trusts associated with the Lundin family have acquired 8.5 million shares for a current aggregate holding of 17.3%.
Macquarie Bank has been a supportive shareholder of Red Back since 1999 and its financial support of the Company has been instrumental in the progression of the Chirano Project to a producing gold mine in Ghana, West Africa. Macquarie Bank remains the principal debt provider to the Chirano Project.
On behalf of the Board of Directors
Richard P. Clark, President
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
SOURCE: Red Back Mining Inc.
Red Back Mining Inc. Sophia Shane (604) 689-7842 redbackmining.com Copyright (C) 2006 CCNMatthews. All rights reserved. End of Story
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