Inmet Mining Corporation

Inmet Mining Corporation

June 25, 2009 09:05 ET

Inmet Announces Closing of $348,212,500 Equity Offering


Inmet Mining Corporation (the "Corporation") (TSX:IMN) announced today that it has completed the previously announced public offering of 7.825 million 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.$348,212,500.

The underwriting syndicate was led by Credit Suisse Securities (Canada), Inc. and CIBC World Markets Inc.

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 for general corporate purposes. Inmet expects that the indebtedness under the Las Cruces credit facility will be repaid in full on or before July 31, 2009.

This news release is 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.

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Contact Information

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