| | Published : December 09th, 2010 | Makes Investment In Halo Resources Ltd. |
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HudBay Minerals
Makes Investment In Halo Resources Ltd.
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NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
HudBay Minerals Inc. ("HudBay", the "company")
(TSX:HBM)(NYSE:HBM) today announced it has entered into a subscription
agreement with Halo Resources Ltd. ("Halo") (TSX
VENTURE:HLO)(FRANKFURT:HRLN) providing for the sale to HudBay on a private placement basis of 3,655,000
units (the "Units") of Halo at a purchase price of C$0.50 per
Unit for total consideration of C$1,827,500. Each Unit consists of one
common share of Halo (a "Share") and one-half of one Share
purchase warrant (a "Warrant"). Each whole Warrant will
entitle HudBay to acquire one Share at an
exercise price of C$0.60 at any time during the 24-month period
following the closing of the transaction.
In addition to certain customary conditions (including approval of the
listing of the Shares to be issued to HudBay),
the subscription is conditional on Halo completing an additional
private placement financing (the "Concurrent Financing")
involving the issuance of not less than 4,345,000 units, and not more
than 6,345,000 units, such units having the same composition, terms and
price as the Units offered for sale to HudBay.
Upon closing of the subscription, HudBay will
own and have control over 3,898,167 Shares (representing 14.5% of the
issued and outstanding Shares, assuming the minimum number of units are
issued in the Concurrent Financing), and will own 1,827,500 Warrants.
On a partially-diluted basis, following exercise of the Warrants, HudBay would hold 19.9% of the issued and
outstanding Shares, assuming the minimum number of
units are issued in the Concurrent Financing. Pursuant to the
subscription agreement, Halo has granted to HudBay
the right to participate in future equity financings that might be
undertaken by Halo (for so long as HudBay
holds at least five percent of the issued and outstanding Shares) on a
basis that would permit HudBay to maintain
its then current percentage equity ownership of Halo.
Under the terms of an option agreement announced on December 21, 2009, HudBay has the right to earn up to a 67.5% joint
venture interest in Halo's Cold and Lost properties in the Sherridon district of Manitoba. HudBay
intends to complete an updated National Instrument 43-101 resource
estimate for the Lost property in the first quarter of 2011.
The acquisition of the Units is being made to assist in the financing,
exploration and development of Halo's mineral properties in the Sherridon region.
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 metals with its corporate offices at Suite 2501, 1 Adelaide Street
East, Toronto, Ontario. 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 may
contain forward-looking information within the meaning of applicable
Canadian securities laws. Forward-looking information includes, but is
not limited to, information concerning the anticipated closing of the
transaction contemplated by the subscription agreement referred to in
the news release and HudBay's intentions with
respect to future arrangements with Halo. 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 risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated or projected in the forward-looking
information (including the actions of other parties who have agreed to
do certain things and the approval of certain regulatory bodies). 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. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. HudBay
undertakes no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws, or to comment on
analyses, expectations or statements made by third parties in respect
of HudBay, its financial or operating results
or its securities. The reader is cautioned not to place undue reliance
on forward-looking information.
(HBM-G)
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December 8, 2010
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HudBay Minerals Makes
Investment In Halo Resources Ltd.
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TORONTO, ONTARIO--(Marketwire
- Dec. 8, 2010) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
HudBay Minerals Inc. ("HudBay",
the "company") (TSX:HBM)(NYSE:HBM) today announced it has entered
into a subscription agreement with Halo Resources Ltd. ("Halo")
(TSX VENTURE:HLO)(FRANKFURT:HRLN) providing for the sale to HudBay on a private placement basis of 3,655,000 units
(the "Units") of Halo at a purchase price of C$0.50 per Unit for
total consideration of C$1,827,500. Each Unit consists of one common share
of Halo (a "Share") and one-half of one Share purchase warrant (a
"Warrant"). Each whole Warrant will entitle HudBay
to acquire one Share at an exercise price of C$0.60 at any time during the
24-month period following the closing of the transaction.
In addition to certain customary conditions (including approval of the
listing of the Shares to be issued to HudBay),
the subscription is conditional on Halo completing an additional private
placement financing (the "Concurrent Financing") involving the
issuance of not less than 4,345,000 units, and not more than 6,345,000
units, such units having the same composition, terms and price as the Units
offered for sale to HudBay.
Upon closing of the subscription, HudBay will own
and have control over 3,898,167 Shares (representing 14.5% of the issued
and outstanding Shares, assuming the minimum number of units are issued in
the Concurrent Financing), and will own 1,827,500 Warrants. On a
partially-diluted basis, following exercise of the Warrants, HudBay would hold 19.9% of the issued and outstanding
Shares, assuming the minimum number of units are
issued in the Concurrent Financing. Pursuant to the subscription agreement,
Halo has granted to HudBay the right to
participate in future equity financings that might be undertaken by Halo
(for so long as HudBay holds at least five
percent of the issued and outstanding Shares) on a basis that would permit HudBay to maintain its then current percentage equity
ownership of Halo.
Under the terms of an option agreement announced on December 21, 2009, HudBay has the right to earn up to a 67.5% joint
venture interest in Halo's Cold and Lost properties in the Sherridon district of Manitoba. HudBay
intends to complete an updated National Instrument 43-101 resource estimate
for the Lost property in the first quarter of 2011.
The acquisition of the Units is being made to assist in the financing,
exploration and development of Halo's mineral properties in the Sherridon region.
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 metals
with its corporate offices at Suite 2501, 1 Adelaide Street East, Toronto,
Ontario. 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 may contain
forward-looking information within the meaning of applicable Canadian
securities laws. Forward-looking information includes, but is not limited
to, information concerning the anticipated closing of the transaction
contemplated by the subscription agreement referred to in the news release
and HudBay's intentions with respect to future
arrangements with Halo. 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 risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated or
projected in the forward-looking information (including the actions of
other parties who have agreed to do certain things and the approval of
certain regulatory bodies). 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. There can be no
assurance that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. HudBay
undertakes no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change except as
required by applicable securities laws, or to comment on analyses,
expectations or statements made by third parties in respect of HudBay, its financial or operating results or its
securities. The reader is cautioned not to place undue reliance on
forward-looking information.
(HBM-G)
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HudBay Minerals Inc.
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PRODUCER |
CODE : HBM.TO |
ISIN : CA4436281022 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
HudBay is a copper and molybdenum producing company based in Canada. HudBay produces copper, molybdenum, gold, silver and zinc in Canada, and holds various exploration projects in Argentina, in Canada and in Peru. Its main assets in production are 777 MINE, TROUT LAKE MINE and CHISEL NORTH in Canada and its main exploration properties are FENIX and WHITE PINE in Guatemala, BRAMPTON, REED LAKE, BUR, BALMAT, TOM, JASON, LALOR, WATTS RIVER, BACK FORTY, WINDSOR and NOME CASSIAR in Canada, CONSTANCIA in Peru and CORCOVADO PROPERTY in Argentina. HudBay is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.8 billions as of today (US$ 2.0 billions, € 1.9 billions). Its stock quote reached its lowest recent point on March 13, 2020 at CA$ 1.66, and its highest recent level on April 26, 2024 at CA$ 11.80. HudBay has 237 270 000 shares outstanding. |
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