Quadra Mining Ltd.
TSX : QUA

Quadra Mining Ltd.

May 07, 2007 18:36 ET

Quadra Mining Ltd. Announces Over-Allotment Option Exercised for Recently Announced Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) -

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

Quadra Mining Ltd. (TSX:QUA) ("Quadra" or the "Company") announces that the syndicate of underwriters, led by Orion Securities Inc., and including BMO Capital Markets and Raymond James Ltd. has exercised its over-allotment option for Quadra's bought deal that was announced on April 19th,2007. As a result, an additional 1,560,000 Units will be issued at the Offering Price of $12.60 for additional gross proceeds of CDN$19,656,000. In the aggregate, 11,960,000 Units will be issued at closing, scheduled for May 9, 2007, for gross proceeds of CDN$150,696,000.

Each Unit consists of one common share of Quadra and one half of one common share purchase warrant, with each whole warrant entitling the holder thereof to acquire a further common share at an exercise price of CDN$20.00 for a period of three years from the Closing Date. The common share purchase warrants will be listed for trading on the Toronto Stock Exchange under the symbol "QUA.WT".

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration 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 that may be obtained from Quadra and that will contain detailed information about Quadra and management, as well as financial statements.

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.
    Paul Blythe
    CEO
    (705) 444-1316
    Website: www.quadramining.com