Teck Resources Limited

Teck Resources Limited

March 04, 2014 17:40 ET

Teck Announces Subscription to Midas Gold Corp. Unit Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 4, 2014) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) ("Teck") announced today that it has subscribed for and acquired 1,277,621 units (the "Units") of Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) ("Midas Gold"), at a cost of $0.90 per Unit, as part of a non-brokered private placement (the "Placement") conducted by Midas Gold. Each Unit comprises one common share and one-half of one share-purchase warrant exercisable at $1.20 within 24 months of closing of the Placement. Combined with previous holdings, Teck holds 14,017,621 common shares of Midas Gold following the Placement. The shares, and shares that would be issued on exercise of the warrants, represent 10.3% of Midas Gold's outstanding common shares, calculated on a partially diluted basis assuming the exercise of the warrants held by Teck only.

Midas Gold is a resource company focused on exploration and development of precious metals assets in Idaho, United States.

The subscription was made for investment purposes. Teck may otherwise determine to increase or decrease its investment in Midas Gold depending on market conditions and any other relevant factors.

This release is required to be issued under the early warning requirements of applicable securities laws.

About Teck

Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Further information about Teck can be found at www.teck.com.

Contact Information

  • Teck Resources Limited - Investor Contact
    Greg Waller
    Vice President, Investor Relations and Strategic Analysis

    Teck Resources Limited - Media Contact
    Chris Stannell
    Senior Communications Specialist