China Mining has set a maximum investment target of HK$200 million ($25.79 million) in Quadra, exclusive of transaction costs, the mainland company said in a statement late Monday.
It will seek shareholder approval for the share purchase plan at market prices, through its unit Best Tone.
'The consideration for the further Quadra investment shall not exceed C$5.28 ($4.34) per Quadra share,' it said.
(For full company statement, click: (http://www.hkexnews.hk/listedco/listconews/sehk/20090112/LTN20090112540.pdf).
Quadra's shares closed at C$3.07 on Monday, down 13 percent.
At 0307 GMT in Hong Kong, China Mining was down 3.2 percent at HK$0.214.
China Mining shares resumed trade Tuesday morning after being suspended since Dec 22.
($1=HK$7.753)
(Reporting by Nerilyn Tenorio, Editing by Jonathan Hopfner) ($1=7.755 Hong Kong Dollar) ($1=1.218 Canadian Dollar) Keywords: CHINAMINING QUADRA (nerilyn.tenorio@thomsonreuters.com; +852 2843 6441) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
