Inmet Board Reiterates Its Rejection of First Quantum Offer
TORONTO, CANADA -- (Marketwire) -- 02/26/13 -- Inmet Mining
Corporation (TSX:IMN) ("Inmet") today provided the following update
with respect to the First Quantum offer:
1. As of February 17, 2013, Inmet provided First Quantum with full due
diligence access, including a Cobre Panama project site tour and access
to key personnel. Despite its communication to Inmet shareholders
stressing the link between due diligence and its ability to increase the
offer, First Quantum has not increased its offer to date.
2. The implied value of the First Quantum offer has deteriorated from the
initial offer price of $72 (assuming consideration comprising 50 percent
cash and 50 percent First Quantum stock) to $66.35 per share at
yesterday's closing price.
3. The Inmet Board reiterates its recommendation that Inmet shareholders
reject the First Quantum offer and do not tender their shares.
4. Inmet will continue with its efforts to advance the sale of a minority
stake in the Cobre Panama project, as such transaction is expected to
support a higher valuation than what is implied through the First
Quantum offer and would further mitigate the capital risk of Cobre
Panama. Any such sale will be structured so as not to impede the access
of Inmet shareholders to the First Quantum offer.
How To Withdraw Your Shares from the First Quantum Offer
Shareholders who have already tendered their shares and wish to
withdraw those shares should contact their broker as soon as
possible. Shareholders who have questions or require any assistance
are asked to contact Inmet's information agent, Laurel Hill Advisory
Group at 1-877-452-7184 or email@example.com.
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. These statements
involve known and unknown risks and uncertainties, including those
associated with current global economic and financial conditions,
metal prices, Inmet's share price, the cost and availability of key
development and production inputs, labour shortages or disruptions,
environmental and health and safety risks, reserve and production
estimates, exploration and development of new and existing mines,
political and country risks, additional funding requirements,
financial leverage, the outcome of the First Quantum Offer and the
strategic alternatives process that Inmet is currently undertaking,
and other factors which may cause the actual results, performance or
achievements of Inmet to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements usually
include words such as may, expect, anticipate, and believe or other
similar words. 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.
Inmet is a Canadian-based global mining company that produces copper
and zinc. We have three wholly-owned mining operations: Cayeli
(Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). We have an 80
percent interest in Cobre Panama, a development property in Panama,
currently in construction.
This press release is also available at www.inmetmining.com.
Inmet Shareholder Contact:
Inmet Mining Corporation
Director, Investor Relations
+1 416 361 4808
Inmet Media Contact:
Longview Communications Inc.
+1 416 649 8007
Laurel Hill Advisory Group
North American Toll Free: +1 877 452 7184
Banks and Brokers and collect calls
outside North America: +1 416 304 0211
Press spacebar to pause and continue. Press esc to stop.