Inmet Mining Corporation

Inmet Mining Corporation

April 23, 2010 11:41 ET

Inmet Announces Closing of Private Placement of $500 Million of Subscription Receipts to Wholly-Owned Subsidiary of Temasek Holdings

TORONTO, CANADA--(Marketwire - April 23, 2010) - Inmet Mining Corporation ("Inmet") (TSX:IMN) announced today that it has closed its previously announced private placement of $500 million of subscription receipts to Ellington Investments Pte. Ltd. ("Ellington"), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited.      

On closing, Ellington purchased 9,258,419 subscription receipts at a price of $54.0049 each for total proceeds to Inmet of $500 million. These proceeds will be held in escrow by CIBC Mellon Trust Company, as subscription receipt agent, and invested pending exchange of the subscription receipts for Inmet common shares as described below. On completion of the exchange, the proceeds will be used by Inmet for the development of its Cobre Panama project and for general corporate purposes.

Upon the satisfaction of certain conditions on or before September 30, 2010, including the coming into effect of legislation passed by the legislative assembly of the Republic of Panama amending Panama's Mineral Resources Code (the "Code") to permit entities in which foreign governmental bodies or authorities have an interest to hold direct or indirect interests in mining concessions in Panama, the subscription receipts will be exchanged for an aggregate of 9,258,419 common shares representing approximately 14.16 percent of Inmet's outstanding common shares after the exchange, on a non-diluted basis and based on the current number of outstanding common shares, and the escrowed funds will be released to Inmet.       

If the Code amendment described above is not in effect by September 30, 2010 (or such later date as may be agreed), the subscription receipts shall be automatically terminated and cancelled and the escrowed funds plus accrued interest will be returned to Ellington.      

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 Cobre Panama, a development property in Panama.      

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as of 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies. Its portfolio covers a broad spectrum of industries: financial services; telecommunications & media; transportation & logistics; real estate; infrastructure, industrial & engineering; energy & resources; life sciences, consumer & lifestyle; and technology.

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Contact Information

  • For media enquiries, please contact:
    Inmet Mining Corporation
    Jochen Tilk
    President and Chief Executive Officer
    (416) 860-3972