Deephaven Capital Management LLC

Deephaven Capital Management LLC

November 02, 2007 17:15 ET

Deephaven Announces Holdings in Miramar Mining Corporation

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2007) - Deephaven Capital Management LLC ("DCM"), as the investment manager of certain private funds and separately managed accounts (the "Funds"), announced today that the Funds have acquired, through the facilities of the Toronto Stock Exchange, 100,000 common shares of Miramar Mining Corporation ("MAE") and that the Funds now have economic exposure to a total of 13,400,000 common shares of MAE (the "Reported Position"), representing approximately 6.1% of the issued and outstanding shares of MAE.

The Funds acquired the shares for investment purposes and may, depending on market and other conditions, increase or decrease beneficial ownership, control or direction over common shares of MAE through market transactions, private agreements or otherwise.

As investment manager to the Funds, DCM has full voting and dispositive power with respect to 6,600,000 shares of common stock of MAE held directly by the Funds. The remainder of the Reported Position is held by the Funds through cash-settled swaps or other similar derivative instruments with one or more counterparties that are based upon the value of shares of MAE (the "Swaps"). The Swaps do not provide DCM or the Funds direct or indirect voting, investment or dispositive control over any securities of MAE and do not require the counterparties thereto to acquire, hold, vote or dispose of any securities of MAE.

DCM disclaims beneficial ownership of any shares of MAE except to the extent of its pecuniary interest in such shares.

Contact Information

  • Deephaven Capital Management LLC
    Thomas Wagner
    (952) 249-5700