Quadra Mining Ltd.
TSX : QUA

Quadra Mining Ltd.

June 25, 2007 03:01 ET

Quadra Mining Ltd. Announces Closure of International Molybdenum plc Offers, Cancellation of InterMoly Trading on AIM and the Compulsory Acquisition of Outstanding InterMoly Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OR THE UNITED KINGDOM.

Further to the announcement made by the board of Quadra Mining Ltd. ("Quadra") (TSX:QUA) on 8 June, 2007, the Offers for the issued share capital and traded warrants of International Molybdenum plc ("InterMoly") closed at 3.00 p.m. (London time) on 22 June, 2007 (the Final Closing Date).

The Offers were declared unconditional in all respects on 14 May, 2007. As previously announced, the admission of InterMoly to the AIM Market of the London Stock Exchange will be cancelled at the close of business today and trading in the InterMoly Shares and InterMoly Warrants will cease at that time.

As at the Final Closing Date, acceptances of the Offers had been received in respect of 112,887,287 InterMoly Shares and 12,110,450 InterMoly Warrants, representing approximately 82.47 per cent of the InterMoly Shares and 90.82 per cent of the InterMoly Warrants. This includes acceptances in respect of 106,666,700 InterMoly Shares (representing approximately 78 per cent of the InterMoly Shares) and 3,333,350 InterMoly Warrants (representing approximately 25 per cent of the InterMoly Warrants) which were received pursuant to an irrevocable undertaking to accept the Offers received from Galahad Gold plc.

Neither Quadra nor any party deemed to be acting in concert with Quadra held any InterMoly Shares or InterMoly Warrants or rights over such shares or warrants before 8 March, 2007, the first day of the Offer Period, nor have they acquired or agreed to acquire any InterMoly Shares or InterMoly Warrants or rights over such shares or warrants since the commencement of the Offer Period except pursuant to the Offers.

Since acceptances of the Warrant Offer have been received in respect of more than 90 per cent of the InterMoly Warrants Quadra proposes shortly to issue notices to those InterMoly Warrantholders who have not accepted the Warrant Offer, informing them that Quadra now intends to exercise its rights to acquire compulsorily all the InterMoly Warrants outstanding at the expiry of the requisite notice period.

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 the objective of becoming a multi-asset base metals development and operating company with interests in a number of advanced exploration, development and producing properties.

Standard Bank Plc, which is regulated in the United Kingdom by The Financial Services Authority, is acting exclusively for Quadra and for no-one else in connection with the Offers and will not be responsible to anyone other than Quadra for providing the protections afforded to customers of Standard Bank Plc nor for providing advice in relation to the Offers.

Matrix Corporate Capital Limited, which is regulated in the United Kingdom by The Financial Services Authority, is acting exclusively for InterMoly and for no-one else in connection with the Offers and will not be responsible to anyone other than InterMoly for providing the protections afforded to customers of Matrix Corporate Capital Limited nor for providing advice in relation to the Offers.

Contact Information

  • Quadra Mining Ltd.
    Paul Blythe
    (604) 689-8550
    Website: www.quadramining.com
    or
    International Molybdenum plc
    Morris Beattie
    (604) 644-8244
    or
    Standard Bank Plc
    (Financial Adviser to Quadra Mining Ltd.)
    Thys Terblanche
    + 44 (0)20 7815 4303
    or
    Matrix Corporate Capital LLP
    (Financial Adviser to International Molybdenum plc)
    Ken Vere Nicoll
    + 44 (0)20 7925 3300
    or
    Matrix Corporate Capital LLP
    (Financial Adviser to International Molybdenum plc)
    Alastair Stratton
    + 44 (0)20 7925 3300