(TSX:IMN) News ; Inmet Announces Extension of Subscription Receipt Exchange Deadline with Wholly-Owned Subsidiary of Temasek Holdings
TORONTO, CANADA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 29, 2010) - Inmet Mining Corporation ("Inmet") (TSX:IMN) announced today that it and Ellington Investments Pte. Ltd. ("Ellington"), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, have agreed to extend to December 31, 2010 from September 30, 2010 the date by which 9,258,419 previously issued subscription receipts can be exchanged on a one-for-one basis for Inmet common shares. The exchange of the subscription receipts for Inmet common shares remains subject to the satisfaction of certain conditions, including the coming into effect of legislation passed by the legislative assembly of the Republic of Panama amending Panama's Mineral Resources Code (the "Code") to permit entities in which foreign governmental bodies or authorities have an interest to hold direct or indirect interests in mining concessions in Panama.]
On April 23, 2010, Ellington purchased 9,258,419 subscription receipts at a price of $54.0049 each for total proceeds to Inmet of $500 million. These proceeds will remain in escrow with CIBC Mellon Trust Company, as subscription receipt agent, pending exchange of the subscription receipts for common shares. On completion of the exchange, the escrowed funds will be released to Inmet and the proceeds will be used by Inmet for the development of its Cobre Panama project and for general corporate purposes.
If the Code amendment described above is not in effect by December 31, 2010 (or such later date as may be agreed), the subscription receipts shall be automatically terminated and cancelled and the escrowed funds plus accrued interest will be returned to Ellington.
Forward looking information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.
About Inmet
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, Las Cruces, Pyhasalmi, and Ok Tedi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.
About Temasek Holdings
Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as of 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies. Its portfolio covers a broad spectrum of industries: financial services; telecommunications & media; transportation & logistics; real estate; infrastructure, industrial & engineering; energy & resources; life sciences, consumer & lifestyle; and technology.
For further information on Temasek, please visit www.temasek.com.sg
This press release is also available at www.inmetmining.com.
On April 23, 2010, Ellington purchased 9,258,419 subscription receipts at a price of $54.0049 each for total proceeds to Inmet of $500 million. These proceeds will remain in escrow with CIBC Mellon Trust Company, as subscription receipt agent, pending exchange of the subscription receipts for common shares. On completion of the exchange, the escrowed funds will be released to Inmet and the proceeds will be used by Inmet for the development of its Cobre Panama project and for general corporate purposes.
If the Code amendment described above is not in effect by December 31, 2010 (or such later date as may be agreed), the subscription receipts shall be automatically terminated and cancelled and the escrowed funds plus accrued interest will be returned to Ellington.
Forward looking information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.
About Inmet
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, Las Cruces, Pyhasalmi, and Ok Tedi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.
About Temasek Holdings
Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as of 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies. Its portfolio covers a broad spectrum of industries: financial services; telecommunications & media; transportation & logistics; real estate; infrastructure, industrial & engineering; energy & resources; life sciences, consumer & lifestyle; and technology.
For further information on Temasek, please visit www.temasek.com.sg
This press release is also available at www.inmetmining.com.
For more information, please contact
Inmet Mining Corporation
Jochen Tilk
President and Chief Executive Officer
(416) 860-3972
www.inmetmining.com
Inmet Mining Corporation
Jochen Tilk
President and Chief Executive Officer
(416) 860-3972
www.inmetmining.com
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