TORONTO, ONTARIO--(Marketwire - March 11, 2011) - HudBay
Minerals Inc. ("HudBay") (TSX:HBM)(NYSE:HBM) confirmed today that it has
successfully acquired more than 90% of the common shares ("Norsemont Shares") of Norsemont
Mining Inc. ("Norsemont") (TSX:NOM)(BVLAC:NOM)
that it did not already own at the time of its offer to acquire all of
the issued and outstanding Norsemont Shares. HudBay also announced that it will acquire the
remaining Norsemont Shares pursuant to
compulsory acquisition rights and will not be extending its offer
beyond the current expiry time of 5:00 p.m. (Toronto time) on March 15,
2011. HudBay anticipates that payment for Norsemont Shares acquired pursuant to the
compulsory acquisition rights will be made no earlier than June 2011,
and Norsemont shareholders who would prefer
to receive their consideration before that time are encouraged to
deposit their shares under the offer before it expires. HudBay will pay for all shares taken up at the
expiry of the bid by March 18, 2011. HudBay
common shares issued as consideration in respect of Norsemont
Shares taken up on March 15, 2011 will be entitled to participate in
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. Norsemont shareholders whose
shares are acquired pursuant to the compulsory acquisition rights will
not be eligible to receive the March 31, 2011 dividend.
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.
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
(HBM-G)
|