bcMetals Corporation

bcMetals Corporation

January 19, 2007 15:50 ET

bcMetals Responds to Further Revised Offers by Taseko and Imperial

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 19, 2007) - bcMetals Corporation (TSX VENTURE:C) announced today that its Board of Directors is considering the further revised takeover bid offers announced by Taseko Mines Limited ("Taseko") and Imperial Metals Corporation ("Imperial").

On January 18, 2007 the Board of Directors determined that Taseko's $1.15 per common share offer announced on January 9, 2006 was not a "Superior Proposal" to Imperial's $1.165 offer announced on January 16, 2007.

However, in light of Taseko's announcement later on January 18, 2007 of a further revised offer of $1.25 per common share, the Board of Directors has, in accordance with the terms of the Support Agreement made between Imperial and bcMetals, provided notice to Imperial that the $1.25 Taseko offer is a "Superior Proposal" to Imperial's $1.165 offer.

Imperial now has the opportunity, exercisable for five business days, to offer to amend the Support Agreement and the terms of its current $1.165 offer in response to Taseko's $1.25 offer.

The Board of Directors is not, at this time, modifying or withdrawing its recommendation of the offer by Imperial. Shareholders are urged not to tender their shares or out of the money share purchase warrants to the Taseko offer until such time as the Board of Directors has made a further recommendation.

If the Board of Directors determines to recommend an offer other than an offer by Imperial, then a $1.8 million break fee would be payable to Imperial under the terms of the Support Agreement. The $2 million borrowed by bcMetals to date from Imperial under the interim funding agreement would also be due and payable.

Ian Smith, President and Chief Executive Officer

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • bcMetals Corporation
    Ian Smith
    President and Chief Executive Officer
    (604) 683-0140
    (604) 683-0126 (FAX)
    Website: www.bcmetalscorp.com