TORONTO and VANCOUVER, Nov. 28 /PRNewswire-FirstCall/ -- Inmet Mining Corporation (IMN-TSX) and Petaquilla Copper Ltd. (PTC-TSX) announced today that the final order from the Ontario Superior Court of Justice has been obtained approving the plan of arrangement for the acquisition by Inmet of all of the outstanding Petaquilla Copper common shares not owned by it for $2.20 per share in cash.
Under the plan of arrangement, 8,490,310 common shares of Petaquilla Copper, representing approximately 5% of the outstanding common shares, were acquired by Inmet increasing Inmet's ownership to 100%. In addition, each option or warrant of Petaquilla Copper ceased to represent a right to acquire common shares or any other security of Petaquilla Copper and instead represents a right to receive the in-the-money amount of such option or warrant, if any.
The common shares of Petaquilla Copper trading on the Toronto Stock Exchange, under the symbol "PTC", will be delisted from the Toronto Stock Exchange on or about December 2, 2008. Concurrently, Petaquilla Copper will apply to cease to be a reporting issuer in all provinces of Canada in which it is a reporting issuer or the equivalent thereof.
Petaquilla Copper shareholders who have not yet delivered their share certificates and a letter of transmittal to Computershare Investor Services Inc. at its Toronto, Ontario office must do so in order to receive payment for their shares.
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/.
