Hochschild Announces Expiry of Successful Bid for Andina Minerals
TORONTO, ONTARIO -- (Marketwire) -- 01/11/13 -- Hochschild Mining plc
(LSE:HOC) ("Hochschild") is pleased to announce that its wholly owned
subsidiary, 1710503 Alberta Ltd. (the "Offeror") has, since the
initial extension of its November 16, 2012 offer (the "Offer") to
acquire all of the outstanding common shares ("Shares") of Andina
Minerals Inc. ("Andina") for CAD $0.80 per Share in cash on December
28, 2012, received to date tenders of an additional 5,308,672 Shares.
The Offeror has taken up, and will within the time prescribed by
applicable law, pay for all such additional Shares validly deposited
pursuant to the Offer and not withdrawn prior to 5:00 p.m. (Toronto
time) on January 11, 2013. Shareholders who deposited their Shares to
the Offer will receive payment for such shares as soon as reasonably
possible. After taking up the deposited Shares, Hochschild and its
affiliates now own 117,432,924 Shares, representing 90.84% of the
outstanding Shares on a fully-diluted basis.
As more than 90% of the Shares sought were deposited to the Offer,
the Offeror intends to acquire all of the remaining Shares of Andina
not deposited under the Offer pursuant to the compulsory acquisition
provisions of the Business Corporations Act (Alberta), which
transaction is expected to close in February 2013. As soon as
possible, the Offeror further intends to cause the Shares to be
de-listed from the TSX Venture Exchange and Andina to cease being a
reporting issuer under applicable securities laws.
Hochschild's address is 46 Albemarle Street, London, United Kingdom,
W1S 4JL. A copy of the early warning report to be filed by Hochschild
and the Offeror will be available shortly under Andina's profile on
SEDAR at www.sedar.com and can be obtained by contacting the
Hochschild representative listed below.
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company listed on
the London Stock Exchange (LSE:HOC) with a primary focus on the
exploration, mining, processing and sale of silver and gold.
Hochschild has almost fifty years' experience in the mining of
precious metal epithermal vein deposits and currently operates four
underground epithermal vein mines, three located in southern Peru and
one in southern Argentina. Hochschild also has numerous long-term
projects throughout the Americas.
Forward looking Statements
This announcement contains certain forward looking statements which
may relate to matters such as the business, strategy, investments,
production, major projects and their contribution to expected
production and other plans of Hochschild Mining plc and its current
goals, assumptions and expectations relating to its future financial
condition, performance and results.
Forward-looking statements include, without limitation, statements
typically containing words such as "intends", "expects",
"anticipates", "targets", "plans", "estimates" and words of similar
import. By their nature, forward looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual results,
performance or achievements of Hochschild Mining plc may be
materially different from any future results, performance or
achievements expressed or implied by such forward looking statements.
Factors that could cause or contribute to differences between the
actual results, performance or achievements of Hochschild Mining plc
and current expectations include, but are not limited to,
legislative, fiscal and regulatory developments, competitive
conditions, technological developments, exchange rate fluctuations
and general economic conditions. Past performance is no guide to
future performance and persons needing advice should consult an
independent financial adviser.
The forward looking statements reflect knowledge and information
available at the date of preparation of this announcement. Except as
required by the Listing Rules and applicable law, Hochschild Mining
plc does not undertake any obligation to update or change any forward
looking statements to reflect events occurring after the date of this
announcement. Nothing in this announcement should be construed as a
Hochschild Mining plc
Head of Investor Relations
+44 (0)20 7907 2934
+44 (0)20 7251 3801
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