Quadra Mining Ltd.
TSX : QUA

Quadra Mining Ltd.

January 31, 2006 09:00 ET

Quadra Mining Announces Pricing of Public Offering of Common Shares

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES.

Quadra Mining Ltd. (the "Company")(TSX:QUA) is pleased to announce that it has entered into an agreement with a group of underwriters to sell 7,200,000 common shares of the Company at an offering price per share of CDN$6.30 for total gross proceeds to the Company of CDN$45,360,000. Orion Securities Inc. and BMO Nesbitt Burns Inc. are acting as co-lead managers for the offering, with Raymond James Ltd. and GMP Securities L.P. acting as co-managers.

The Company has granted to the underwriters an option to purchase an additional 1,080,000 common shares at a price per share of CDN$6.30 for a period expiring 30 days following the closing of the offering, to cover over-allotments made in connection with the offering.

The Company expects to file its final short form prospectus in connection with the offering within the next few days.

The Company intends to use the proceeds from the offering to repay the bridge facility entered into in connection with the recently announced acquisition of the Carlota Copper Project, to fund a portion of the deferred portion of the purchase price for Carlota, to fund engineering, design and development activities at the Carlota Project, to fund exploration activities on the Company's properties and for general corporate purposes.

This announcement is not an offer of securities for sale in the United States. No securities have been registered under the U.S. Securities Act to be offered for sale in the United States. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus.

About Quadra Mining Ltd. (TSX:QUA)

Quadra is a British Columbia corporation based in Vancouver and is a copper producing company whose principal asset is the Robinson Mine in Nevada. The Company has a goal of becoming a mid-tier base metals development and operating company with interests in a number of advanced exploration, development and producing properties.

Contact Information

  • Quadra Mining Ltd.
    Sophie Taylor
    Manager, Investor Relations
    (604) 689-8550
    or
    Quadra Mining Ltd.
    Bill Myckatyn
    CEO
    (604) 689-8550
    www.quadramining.com