Inmet Mining Corporation

Inmet Mining Corporation

May 17, 2011 08:02 ET

Inmet Announces Exchange by Temasek Subsidiary of $500 Million Subscription Receipts for Common Shares

TORONTO, CANADA--(Marketwire - May 17, 2011) - Inmet Mining Corporation ("Inmet") (TSX:IMN) announced today that Ellington Investments Pte. Ltd. ("Ellington"), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, has exchanged $500 million previously issued subscription receipts for 7,779,692 Inmet common shares. As a result of the exchange, the number of Inmet's issued and outstanding common shares has increased to 69,328,864 common shares.

At closing of the exchange, approximately $500 million in escrowed funds were released to Inmet, which proceeds will be used for the development of the Cobre Panama project and for general corporate purposes. The previously executed investor rights agreement between Ellington and Inmet also became effective at closing. Under the agreement, Ellington is entitled, among other things, to designate a nominee for appointment or election to the Inmet board of directors. Such nominee is expected to be appointed after Inmet's annual meeting of shareholders to be held on June 27, 2011.

About Inmet

Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in three mining operations in locations around the world: Çayeli, Las Cruces and Pyhäsalmi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.

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Contact Information

  • Inmet Mining Corporation
    Flora Wood
    Director, Investor Relations
    (416) 361-4808