Millennium Partners, L.P.

September 09, 2005 12:58 ET

Millennium Partners, L.P. Announces Private Placement

NEW YORK--(CCNMatthews - Sep 9, 2005) -

Pursuant to the "early warning" requirements of applicable Canadian securities laws, Millennium Partners, L.P. announced that one of its subsidiaries, MLP Investments (Caymans), Ltd., acquired 10,500,000 units of Weda Bay Minerals Inc. (the "Company") in a private placement that closed earlier today. Each unit consists of one common share of the Company and half of a warrant to purchase a common share of the Company at an exercise price of C$1.25 per common share (which warrant will expire 24 months after issuance).

When aggregated with previously owned shares (which are owned by Millennium Partners, L.P.), the Millennium entities own an aggregate of 10,617,000 common shares of the Company and warrants expiring on or about September 9, 2007 to acquire an additional 5,250,000 common shares at an exercise price of C$1.25 per share. Treating the shares underlying such warrants as common shares held by Millennium, Millennium's equity position constitutes approximately 27.3% of the issued and outstanding common shares (including such warrants) of the Company.

The shares were acquired for investment purposes only and not with the purpose of influencing the control or direction of the Company. Millennium may, subject to market conditions, make additional investments in or dispositions of shares or other securities of the Company in the future.

The general partner of Millennium Partners, L.P. is Millennium Management, L.L.C., and as a result Millennium Management, L.L.C. may be seen under applicable Canadian securities laws to be a joint actor with Millennium and/or to have control over the shares of the Company owned by Millennium. In addition, Millennium Partners, L.P. and MLP Investments (Caymans), Ltd. may be seen under applicable Canadian securities laws to be joint actors with each other. This release should not be seen as an admission of any such matters. Millennium Partners, L.P. is the sole shareholder of MLP Investments (Caymans), Ltd. and as a shareholder does not control the securities held by MLP Investments (Caymans), Ltd.

The address of Millennium Partners, L.P. is c/o Millennium Management, L.L.C., 666 Fifth Avenue, New York, New York 10103. The registered address of MLP Investments (Caymans), Ltd. is Walkers SPV Limited, Walker House, PO Box 908GT, Mary Street George Town, Grand Cayman, Cayman Islands

For further information please contact Thomas M. Daly, Jr., Kekst and Co., at (212) 521-4811.

Contact Information

  • Kekst and Co.
    Thomas M. Daly, Jr.
    212-521-4811