VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2011) -
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES OR OVER ANY UNITED STATES WIRE SERVICE
Quadra FNX Mining Ltd. (the "Company" or "Quadra FNX") (News - Market indicators) announces the closing of its previously announced private placement of $500,000,000 aggregate principal amount of 7.75% Senior Notes (the "notes") due 2019 (See Press Release: June 10, 2011). The notes are fully and unconditionally guaranteed by the Company's existing and future restricted subsidiaries (the "Guarantors"), other than certain immaterial subsidiaries and excluding the Sierra Gorda joint venture. The notes are not secured and are not convertible into equity of Quadra FNX. The Company intends to use the net proceeds from the offering of the notes of approximately US$487.4 million, together with cash on hand, to fund its capital expenditure requirements in connection with its Sierra Gorda project in Chile.
The notes have not and will not be registered under the U.S. Securities Act, or the securities laws of any other jurisdiction, and may only be offered and sold in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act. In addition, the notes may only be offered and sold in Canada pursuant to an exemption from the prospectus requirements of Canadian securities laws.
About Quadra FNX Mining Ltd. (News - Market indicators)
Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper, nickel and precious metals from its operating mines: Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and Levack, which includes the Morrison Deposit, Podolsky and McCreedy West in Sudbury, Ontario. The Company has two key development projects: the Sierra Gorda project, a copper-molybdenum project in Chile, and the Victoria project, a polymetallic project in Sudbury, Ontario. Quadra FNX employs approximately 1,900 people in North and South America. The Company's common shares are listed on the Toronto Stock Exchange under the ticker symbol "QUX". Additional information about the Quadra FNX is available at www.quadrafnx.com.
