TORONTO and VANCOUVER, Sept. 19 /PRNewswire-FirstCall/ -- Inmet Mining Corporation (IMN-TSX) and Petaquilla Copper Ltd. (PTC-TSX) announced today that 163,116,924 common shares have been validly deposited to the offer (the "Offer") made by Inmet's wholly-owned subsidiary, 6910360 Canada Inc., to acquire all the outstanding common shares of Petaquilla Copper. Inmet has also announced that the conditions to the Offer have all been satisfied or waived. Inmet has taken up and accepted for payment all Petaquilla Copper common shares deposited to the Offer. Such payment will be made on or before September 24, 2008.
163,116,924 common shares of Petaquilla Copper, representing 94.9% of the issued and outstanding common shares (82.2% on a fully diluted basis), have been taken up under the Offer.
Upon payment for the 163,116,924 common shares taken up, Inmet will own, directly and indirectly, 163,914,024 common shares, representing 95.4% of the issued and outstanding common shares of Petaquilla Copper (82.6% on a fully diluted basis).
The Offer will not be extended. Inmet intends to pursue a compulsory acquisition or other means of acquiring, directly or indirectly, all of the remaining common shares of Petaquilla Copper, including by means of an arrangement or other subsequent acquisition transaction, as described in its take-over bid circular. Upon completion of any such compulsory acquisition or subsequent acquisition transaction, Inmet intends to de-list the common shares of Petaquilla Copper from the Toronto Stock Exchange.
Inmet first announced its intention to make the Offer on July 6, 2008 and it mailed its take-over bid circular to Petaquilla Copper shareholders on July 28, 2008. Pursuant to the Offer (as amended and varied), Inmet offered to purchase for cash all of the outstanding common shares of Petaquilla Copper, at the price of $2.20 per share.
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 Mining Corporation
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, Pyhasalmi, Troilus and Ok Tedi. We also have interests in three development properties, Las Cruces, Cerattepe and Petaquilla.
About Petaquilla Copper Ltd.
Petaquilla Copper Ltd. is a resource development company headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbol PTC.
This press release is also available at http://www.inmetmining.com/ and http://www.petaquillacopper.com/.
