Invecture Group, S.A. de C.V.

Invecture Group, S.A. de C.V.

February 18, 2009 01:26 ET

Invecture Takes Up Controlling Shares of Frontera Copper Corporation

MEXICO CITY, MEXICO--(Marketwire - Feb. 18, 2009) - Invecture Group, S.A. de C.V. ("Invecture") announced today that 31,061,723 common shares have been deposited directly or by guaranteed delivery to the offer made by Invecture's wholly owned subsidiary 0839073 B.C. Ltd. to acquire all the outstanding common shares of Frontera Copper Corporation ("Frontera"). An additional 250,000 out of the money options have been tendered to the Offer. Invecture also announced that its conditions to the Offer have been satisfied or waived and accordingly Invecture has taken up and accepted for payment all Frontera common shares and options deposited to the Offer. Such payment will be made immediately and should be received by tendering shareholders on or before February 20, 2009.

The shares represent 47.58% of the outstanding shares of Frontera, on a fully diluted basis, and 60.1% of the outstanding Frontera shares held by independent shareholders of Frontera (being shareholders other than Invecture and its affiliates). In accordance with the terms of the Offer and Frontera's shareholder rights plan, the Offer at C$0.75 per common share and $0.01 per out-of-the-money option will remain open and unconditional for deposit of shares until 4:30 p.m. PST on March 4, 2009.

Upon payment for the common shares taken up, Invecture will own, directly and indirectly, 43,964,723 common shares, representing 68.1% of the issued and outstanding Frontera common shares (67.6% on a fully diluted basis after cancellation of the 250,000 purchased options).

Invecture CEO John Detmold commented, "Invecture is pleased with the outcome of the bid and looks forward to working co-operatively with the existing Frontera Board and management team to arrange an orderly transition of responsibilities and control to Invecture personnel."

M. John Detmold, Chief Executive Officer

Invecture Group, S.A. de C.V.

This press release is not an offer to purchase any securities.

No regulatory authority has reviewed this announcement.

Contact Information

  • Invecture Group, S.A. de C.V.
    M. John Detmold
    Chief Executive Officer
    + 52-55-5520-6003