TORONTO and VANCOUVER, Sept. 19 /CNW/ - Inmet Mining Corporation
(IMN-TSX) and Petaquilla Copper Ltd. (PTC-TSX) announced today that
163,116,924 common shares have been validly deposited to the offer (the
"Offer") made by Inmet's wholly-owned subsidiary, 6910360 Canada Inc., to
acquire all the outstanding common shares of Petaquilla Copper. Inmet has also
announced that the conditions to the Offer have all been satisfied or waived.
Inmet has taken up and accepted for payment all Petaquilla Copper common
shares deposited to the Offer. Such payment will be made on or before
September 24, 2008.
163,116,924 common shares of Petaquilla Copper, representing 94.9% of the
issued and outstanding common shares (82.2% on a fully diluted basis), have
been taken up under the Offer.
Upon payment for the 163,116,924 common shares taken up, Inmet will own,
directly and indirectly, 163,914,024 common shares, representing 95.4% of the
issued and outstanding common shares of Petaquilla Copper (82.6% on a fully
The Offer will not be extended. Inmet intends to pursue a compulsory
acquisition or other means of acquiring, directly or indirectly, all of the
remaining common shares of Petaquilla Copper, including by means of an
arrangement or other subsequent acquisition transaction, as described in its
take-over bid circular. Upon completion of any such compulsory acquisition or
subsequent acquisition transaction, Inmet intends to de-list the common shares
of Petaquilla Copper from the Toronto Stock Exchange.
Inmet first announced its intention to make the Offer on July 6, 2008 and
it mailed its take-over bid circular to Petaquilla Copper shareholders on July
28, 2008. Pursuant to the Offer (as amended and varied), Inmet offered to
purchase for cash all of the outstanding common shares of Petaquilla Copper,
at the price of $2.20 per share.
Forward looking information
Securities regulators encourage companies to disclose forward-looking
information to help investors understand a company's future prospects. This
press release contains forward-looking information. These are
"forward-looking" because we have used what we know and expect today to make a
statement about the future. Forward-looking statements usually include words
such as may, expect, anticipate, and believe or other similar words. Capital
and operating cost estimates are forward-looking statements, and are based on
assumptions that we believe to be reasonable. However, actual events and
results could be substantially different because of the risks and
uncertainties associated with our respective business or events that happen
after the date of this press release. You should not place undue reliance on
About Inmet Mining Corporation
Inmet is a Canadian-based global mining company that produces copper,
zinc and gold. We have interests in four mining operations in locations around
the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also have interests in
three development properties, Las Cruces, Cerattepe and Petaquilla.
About Petaquilla Copper Ltd.
Petaquilla Copper Ltd. is a resource development company headquartered in
Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under
the symbol PTC.
This press release is also available at www.inmetmining.com and
For further information:
For further information: Jochen Tilk, President and Chief Operating
Officer, Inmet Mining Corporation, (416) 860-3972; Joao Manuel, Chief
Financial Officer, Petaquilla Copper Ltd., (604) 694-0021