TORONTO, ONTARIO, Jan 12, 2009 (Marketwire via COMTEX News Network)
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HudBay Minerals Inc. (TSX:HBM) ("HudBay") announced today that SRM
Global Master Fund Limited Partnership and Corriente Master Fund Limited
Partnership have made an application to the Superior Court of Justice
(Commercial List) for: (a) a declaration pursuant to section 241 of the
Canada Business Corporations Act that the business or affairs of HudBay
are, have been, or are threatened to be carried on or conducted in a
manner that is oppressive or unfairly prejudicial or that unfairly
disregards the interests of the applicants as shareholders of HudBay;
(b) an order directing HudBay to call, hold and conduct a special
meeting of shareholders to consider and, if deemed advisable, approve
the proposed combination of HudBay with Lundin Mining Corporation
through a statutory plan of arrangement and to elect a board of
directors by a special resolution on or before January 28, 2009, or such
other time as may be fixed by the Court provided it is prior to the
closing of the plan of arrangement; and (c) an interim and final order
directing HudBay not to effect the plan of arrangement without the
approval of HudBay shareholders.
HudBay has retained external
counsel and will vigorously oppose the application. HudBay expects the
Court to hear the matter prior to the closing of the Lundin acquisition
scheduled for January 28, 2009 and will oppose any request for a delay
of the scheduled closing.
ABOUT HUDBAY MINERALS INC.
HudBay
is a leading base metals mining company with assets in North and
Central America. The company is focused on growing its business through
operational optimization, strategic investing, mine development and
exploration. An integrated mining company, HudBay operates zinc and
copper mines, concentrators and metal production facilities in
northern Manitoba and Saskatchewan, a zinc oxide production facility in
Ontario, the White Pine Copper Refinery in Michigan, and owns the Fenix
nickel project in Guatemala. In addition to its primary products, the
company also produces gold, silver and zinc oxide. HudBay is a member of
the S&P/TSX Composite Index and the S&P/TSX Global Mining
Index.
This news release and the information contained herein
does not constitute an offer of securities for sale in the United States
and securities may not be offered or sold in the United States absent
registration or exemption from registration.
(HBM-T)
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Annemarie Brissenden
Manager, Investor Relations
(416) 362-0615
Email: [email protected]
Website: www.hudbayminerals.com
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