TORONTO, ONTARIO -- (MARKET WIRE) -- 03/16/11 --
HudBay Minerals Inc. ("HudBay") (TSX: HBM)(NYSE: HBM) announced today that, upon the expiry of its offer dated January 24, 2011, as extended, it has taken up a further 8,166,835 common shares of Norsemont Mining Inc.
("Norsemont") (TSX: NOM)(BVLAC: NOM). As a result of taking up an
aggregate of 112,802,186 shares deposited under the offer, HudBay
currently owns approximately 98% of the issued and outstanding Norsemont
common shares (calculated on a fully-diluted basis). As previously
announced, HudBay intends to acquire all of the remaining Norsemont
shares by compulsory acquisition under Section 300 of the Business
Corporations Act (British Columbia).
HudBay will issue approximately 1.6 million common shares and pay approximately $9 million
in cash for the additional Norsemont shares that were taken up
following expiry of the offer. In aggregate, HudBay has issued
approximately 22 million common shares and paid approximately $128 million for the Norsemont shares it acquired pursuant to the offer.
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with assets in North, Central and South America
principally focused on the discovery, production and marketing of base
metals. The company's objective is to maximize shareholder value through
efficient operations, organic growth and accretive acquisitions, while
maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.
Forward-Looking Information
Certain of the statements made and information contained herein contain
"forward-looking statements" or "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information is
prospective in nature and includes, but is not limited to, information
with respect to the anticipated timing of the transaction and the
anticipated impact of the transaction on HudBay. Forward-looking
information is based on the views, opinions, intentions and estimates of
management at the date the information is made, and is based on a
number of assumptions and subject to a variety of known and unknown
risks and uncertainties and other factors, including, among other
things, risks related to the offer, as well as those risk factors
discussed in the take-over bid circular. Many of these assumptions are
based on factors and events that are not within the control of HudBay
and
there is no assurance they will prove to be correct.
Although HudBay has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that the forward-looking information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. HudBay does not
undertake to update any forward-looking information, except as required
by applicable securities laws, or to comment on analyses, expectations
or statements made by third parties in respect of the offer or HudBay,
Norsemont or their financial or operating results or securities.
This news release does not constitute an offer to buy any securities or a
solicitation of any vote or approval or a solicitation of an offer to
sell any securities.
All amounts listed are in Canadian dollars unless otherwise indicated.
(HBM-G)
Contacts:
HudBay Minerals Inc.
John Vincic
Vice President, Investor Relations &
Corporate Communications
416-362-0615
john.vincic@hudbayminerals.com
Further Information for Norsemont Mining Shareholders:
Kingsdale Shareholder Services Inc.
Toll Free 1-800-775-3159 (English or French)
Outside North America, Bankers and Brokers Call Collect:
Kingsdale Shareholder Services Inc.
416-867-2272
416-867-2271 (FAX)
Toll Free Facsimile 1-866-545-5580
contactus@kingsdaleshareholder.com
Source: HudBay Minerals Inc.
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