Quadra FNX Mining Ltd.

Quadra FNX Mining Ltd.

November 12, 2010 19:00 ET

Quadra FNX Mining Participates in INV Metals Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2010) - Quadra FNX Mining Ltd. (TSX:QUX) ("Quadra FNX") has purchased 1,517,495 common shares of INV Metals Inc. ("INV") (TSX:INV) in the 'bought deal' financing announced by INV on October 21, 2010 in order to maintain its current interest in INV. Quadra FNX purchased these common shares through its subsidiary, FNX Mining Company Inc., at a price of $1.15 per share.

Following the financing, Quadra FNX owns indirectly an aggregate of 9,139,555 common shares of INV maintaining its holding of 13.31% of the issued and outstanding common shares of INV. Assuming the exercise of the 2,347,886 common share purchase warrants of INV already held indirectly by Quadra FNX, Quadra FNX would own 11,487,441 common shares of INV, representing 16.17% of the issued and outstanding Shares of INV.

Quadra FNX is not acting jointly or in concert with any other persons or companies in connection with this transaction. Quadra FNX holds the common shares in INV for investment purposes only and depending on market and other conditions, it may increase or decrease its ownership position in INV in the future.

An early warning report respecting this transaction will be filed with the applicable securities commission and will be available for viewing under Quadra FNX's SEDAR profile at www.sedar.com.

Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX produces copper and platinum group metals from its operating mines: Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and McCreedy West, Levack, which includes Morrison, and Podolsky in Sudbury, Ontario. The Company possesses several advanced development projects, including the Sierra Gorda copper-molybdenum project in Chile, the Malmbjerg molybdenum development project in Greenland and the Victoria project, an advanced exploration project in Sudbury. Quadra FNX employs approximately 1,650 people in North and South America. The Company's common shares are listed on the Toronto Stock Exchange under the ticker symbol "QUX". Additional information about the Company is available at http://www.quadrafnx.com.

Quadra FNX's Vancouver office is located at Suite 2414, Four Bentall Centre, 1055 Dunsmuir Street, PO Box 49185, Vancouver, B.C. V7X 1K8. Quadra FNX's Toronto office is located at 145 King Street West, Suite 1500, Toronto, ON M5H 1J8.

Contact Information

  • Investor Relations Contact:
    Quadra FNX Mining Ltd.
    Derek White
    Executive Vice President, Corporate Development
    Quadra FNX Mining Ltd.
    Nawojka Wachowiak
    Vice President, Investor Relations