Ellington Investments Pte. Ltd.

September 29, 2010 18:17 ET

Ellington Investments Pte. Ltd. Announces Extension of Exchange Satisfaction Deadline

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2010) - Pursuant to a subscription agreement between Ellington Investments Pte. Ltd. ("Ellington"), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, Inmet Mining Corporation ("Inmet") and CIBC Mellon Trust Company, as subscription receipt agent, Ellington has purchased 9,258,419 subscription receipts of Inmet at a price of $54.0049 per subscription receipt for a total subscription price of $500 million which are exchangeable for no consideration upon the satisfaction of certain conditions into 9,258,419 common shares of Inmet ("Shares"). Pursuant to the terms of the subscription agreement, the deadline for exchanging the subscription receipts into Shares is September 30, 2010 or such later date as the parties may agree to in writing. The parties have now agreed in writing that this deadline shall be December 31, 2010.

Ellington 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 56,106,645 Shares outstanding as of September 29, 2010). Subject to certain conditions of the subscription agreement and related investor rights agreement, and 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.

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
    416-863-0871 (FAX)