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Lundin Mining’s offer for Rio Narcea securities

Thursday, August 23rd, 2007

Lundin Mining Corporation is pleased to announce that as of August 20, 2007, the final day of its amended offer to acquire all of the shares and warrants of Rio Narcea Gold Mines, Ltd. 158,018,283 shares of Rio Narcea, representing approximately 93.1% of the Rio Narcea shares outstanding, had been tendered to Lundin Mining’s amended offer, announced on July 17, 2007. In addition, 20,099,020 share purchase warrants had been deposited to the amended offer. In combination, the shares and warrants tendered under the offer total approximately 92.9% of the fully diluted shares outstanding. Under the terms of the amended offer, Rio Narcea shareholders and warrant holders will receive Cdn$5.50 for each share and Cdn $1.04 for each warrant tendered to the bid.
The Company will now undertake a compulsory acquisition transaction under the Canada Business Corporations Act to take up the balance of the shares. Following the compulsory acquisition, the Rio Narcea shares will be delisted from the Toronto Stock Exchange and the American Stock Exchange.
The acquisition of Rio Narcea adds the Aguablanca copper-nickel mine to Lundin Mining’s assets which will be consolidated for the third quarter of 2007. The planned sale of Rio Narcea’s Tasiast gold mine for $225 million was completed on August 2, 2007.

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