Inmet Mining Corporation

Inmet Mining Corporation

June 08, 2009 15:41 ET

Inmet Announces $300 Million Bought Deal

TORONTO, ONTARIO--(Marketwire - June 8, 2009) -


Inmet Mining Corporation (the "Corporation") (TSX:IMN) announced today that it has entered into an agreement with Credit Suisse Securities (Canada), Inc. and CIBC World Markets Inc., to include a syndicate of underwriters to be determined (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase 6,750,000 common shares ("Shares") of the Corporation on a bought deal basis, at a price of Cdn.$44.50 per Share for aggregate gross proceeds of Cdn.$300 million. The Underwriters have been granted an over-allotment option, exercisable until 30 days after the closing of the offering, enabling them to purchase up to an additional 15% of the number of Shares sold pursuant to the offering at a price of Cdn.$44.50 per Share.

The offering is scheduled to close on or about June 25, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

The net proceeds of the offering will be used primarily for the repayment of all indebtedness owed by Cobre Las Cruces S.A. under its project financing facility for the Las Cruces mine and general corporate purposes.

These materials are not an offer for sale of securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The Corporation does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

Forward looking information

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.

About Inmet

Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in five mining operations in locations around the world: Cayeli, Las Cruces, Pyhasalmi, Troilus and Ok Tedi. We also have a 100 percent interest in the Petaquilla development property in Panama.

This press release is also available at

Contact Information

  • Inmet Mining Corporation
    Jochen Tilk
    President and Chief Operating Officer
    (416) 860-3972