Quadra Mining Ltd.
TSX : QUA

Quadra Mining Ltd.

May 03, 2007 23:30 ET

Quadra Mining Ltd. Files Final Prospectus for CDN$131 Million Bought Deal

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 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 today it has filed a final short form prospectus with the regulatory authorities in each of the provinces of Canada, other than Quebec, relating to its previously announced bought deal offering of 10,400,000 units ("Units") of the Company at a price of CDN$12.60 per Unit (the "Offering Price") for gross proceeds of CDN$131,040,000. The financing was arranged by a syndicate of underwriters led by Orion Securities Inc. and including BMO Capital Markets and Raymond James Ltd., to whom Quadra has granted an over-allotment option to purchase up to an additional 1,560,000 Units (CDN$19,656,000), exercisable at the Offering Price up until 24 hours prior to the closing date which is expected to occur on or about May 9th, 2007.

As disclosed in the Company's interim consolidated financial statements as at and for the three months ended March 31, 2007, the Company has adopted the "Emerging Issues Committee Abstract 160" from the CICA Handbook related to stripping costs incurred in the production phase of a mining operation. In connection with the filing of the final short form prospectus, the Company has re-filed its comparative annual consolidated financial statements together with the Management Discussion and Analysis as at and for the year ended December 31, 2006 to reflect the adoption of this new accounting policy. The Company has also voluntarily filed an amended Annual Information Form for the financial year ended December 31, 2006 to correct non-material errors, primarily in the resource tables contained therein.

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.

This press release may contain "forward-looking information" that is based on Quadra's expectations, estimates and projections as of the dates as of which those statements were made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Quadra's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and a discussion of these and other factors that may affect Quadra's actual results, performance, achievements or financial position is contained in the filings by Quadra with the Canadian provincial securities regulatory authorities, including Quadra's Annual Information Form and Quadra's final short form prospectus dated May 3, 2007. Unless required by applicable law, Quadra does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change.

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