Ellington Investments Pte. Ltd.

March 31, 2010 10:16 ET

Ellington Investments Pte. Ltd. Announces Proposed Investment in Inmet Mining Corporation

TORONTO, ONTARIO--(Marketwire - March 31, 2010) - Temasek Holdings (Private) Limited has announced that on March 31, 2010, its indirect wholly-owned subsidiary subsidiary Ellington Investments Pte. Ltd. ("Ellington") entered into a subscription agreement with Inmet Mining Corporation ("Inmet") and CIBC Mellon Trust Company, as subscription receipt agent, pursuant to which Ellington has agreed to purchase, on a private placement basis, 9,258,419 subscription receipts of Inmet at a price of $54.0049 per subscription receipt for a total subscription price of $500 million. If the conditions contained in the subscription agreement are satisfied on or before September 30, 2010, Ellington shall receive, subject to any adjustments, and for no additional consideration, one common share of Inmet ("Share") for each subscription receipt. If the conditions are not satisfied or waived by Ellington on or prior to September 30, 2010, the subscription proceeds will be returned to Ellington.

Ellington has purchased the subscription receipts for investment purposes. Upon the issuance of the underlying Shares, Ellington will beneficially own 9,258,419 Shares, representing approximately 14.16% of Inmet's issued and outstanding Shares after giving effect to the issuance of the Shares to Ellington (based on 56,106,759 Shares outstanding as of March 19, 2010). Depending on market conditions and other factors, Ellington may from time to time acquire additional securities of Inmet or dispose of securities of Inmet in the open market, by private agreement or otherwise.

The transaction remains subject to the satisfaction of customary closing conditions, including the approval of the Toronto Stock Exchange.

In connection with this news release, an early warning report has been filed by Ellington in accordance with applicable securities laws.

Contact Information

  • To obtain a copy of the early warning report,
    please contact: Davies Ward Phillips & Vineberg LLP
    Jason Saltzman
    416-863-0900
    416-863-0871 (FAX)