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TORONTO, ONTARIO--(Marketwire - March 2, 2011) - HudBay
Minerals Inc. ("HudBay") (TSX:HBM)(NYSE:HBM) announced today it has been
successful in its bid to acquire Norsemont
Mining Inc. ("Norsemont")
(TSX:NOM)(BVLAC:NOM) under its offer dated January 24, 2011 (the
"Offer"). All of the conditions to the Offer have been
satisfied and the 104,635,351 common shares of Norsemont
("Norsemont Shares") that were
validly deposited at the original expiry time of the Offer have been
taken up and will be paid for in accordance with the Offer. As a result
of taking up shares under the Offer, HudBay
currently owns approximately 91% of the issued and outstanding Norsemont Shares (calculated on a fully-diluted
basis).
HudBay also announced today that it is
extending the Offer until 5:00 p.m. (Toronto time) on March 15, 2011 to
enable Norsemont shareholders who have not
yet tendered their Norsemont Shares to accept
the Offer. A notice of extension will be mailed to Norsemont
shareholders and has been filed with the applicable securities
regulatory authorities. The notice may be obtained free of charge at www.sedar.com or www.sec.gov or by
contacting Kingsdale Shareholder Services
Inc., the Depositary and Information Agent in connection with the
Offer, as indicated below.
HudBay intends to acquire all of the
remaining Norsemont Shares by compulsory
acquisition under Section 300 of the Business Corporations Act (British
Columbia). Norsemont shareholders are
encouraged to tender their shares prior to the expiry of the Offer on
March 15, 2011 in order to avoid any delay in receiving the
consideration payable for their shares pursuant to a second stage
transaction and, in respect of the HudBay
common shares they may receive as consideration, to become holders of
record prior to the March 21, 2011 record date for HudBay's
semi-annual dividend of $0.10 per common share, which is payable on March
31, 2011.
Pursuant to the terms of the Offer, Norsemont
shareholders will receive in respect of each deposited Norsemont Share, at their election, either: (a)
0.2617 of a HudBay common share and $0.001 in
cash, or (b) cash in an amount that is greater than $0.001, not to
exceed $4.50, and, if less than $4.50 in cash is elected, the number of
HudBay common shares equal to the excess of
$4.50 over such elected cash amount, divided by $17.19, subject, in
each case, to pro-ration and rounding as set out in the Offer.
HudBay will issue approximately 19.8 million
common shares and pay approximately $117 million in cash for Norsemont Shares taken up to date pursuant to the
Offer.
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM)
is a Canadian integrated mining company with assets in North and
Central America principally focused on the discovery, production and
marketing of base metals. The company's objective is to maximize
shareholder value through efficient operations, organic growth and accretive
acquisitions, while maintaining its financial strength. A member of the
S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate
governance and sustainability.
Forward-Looking Information
Certain of the statements made and information contained herein contain
"forward-looking statements" or "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information is prospective in nature and includes, but
is not limited to, information with respect to the anticipated timing
of the transaction and the anticipated impact of the transaction on HudBay. Forward-looking information is based on the
views, opinions, intentions and estimates of management at the date the
information is made, and is based on a number of assumptions and
subject to a variety of known and unknown risks and uncertainties and
other factors, including, among other things, risks related to the
Offer, as well as those risk factors discussed in the take-over bid
circular. Many of these assumptions are based on factors and events
that are not within the control of HudBay and
there is no assurance they will prove to be correct.
Although HudBay has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that the forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information. HudBay does not
undertake to update any forward-looking information, except as required
by applicable securities laws, or to comment on analyses, expectations
or statements made by third parties in respect of the Offer or HudBay, Norsemont or
their financial or operating results or securities.
This news release does not constitute an offer to buy any securities or
a solicitation of any vote or approval or a solicitation of an offer to
sell any securities.
All amounts listed are in Canadian dollars unless otherwise indicated.
Further Information for Norsemont Mining Shareholders: Kingsdale Shareholder Services Inc. Toll Free 1-800-775-3159 (English or French) Outside North America, Bankers and Brokers Call Collect: 416-867-2272 Facsimile: 416-867-2271, Toll Free Facsimile 1-866-545-5580 Email: contactus@kingsdaleshareholder.com
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