MM Asset Management Inc.

August 28, 2007 19:02 ET

MM Asset Management Inc. Acquired Control Over Common Shares of Primary Metals Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2007) - MM Asset Management Inc. ("MMAM") announced that one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP") has acquired an aggregate of 808,200 common shares (the "Shares") of Primary Metals Inc. ("PMI") since a take-over bid for all of the outstanding common shares of PMI was filed by Sojitz Tungsten Resources, Inc. with the securities regulatory authorities on August 23, 2007. The Shares were acquired in a series of transactions conducted through the facilities of the TSX Venture Exchange. MMCAP now beneficially owns and MMAM exercises control and direction over 1,075,900 Shares, representing approximately 8.0051% of the outstanding common shares of PMI based on 13,440,259 outstanding common shares as reported by PMI.

MMCAP has acquired the PMI common shares for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of PMI or dispose of such securities in the open market, by private agreement or otherwise.

Contact Information

  • MM Asset Management Inc.
    Matthew MacIsaac
    Secretary
    (416) 408-0997