Petaquilla Minerals Ltd (PTQMF.OB,PTQ.TO) noted the announcement by Inmet Mining Corp. (IMN.TO) of Inmet's intention to make an offer to acquire all of the outstanding common shares of the company.
Petaquilla cautioned its shareholders that Inmet has not made a formal offer and no action is required by Petaquilla shareholders at this time.
Petaquilla said it is in the process of considering and evaluating the announcement and urged its shareholders to take no action until Petaquilla has issued further communication with respect to the announcement and the Offer, if and when formally made.
On September 5, 2012, Inmet Mining announced that it intends to make an offer to acquire all of the outstanding common shares of Petaquilla Minerals Ltd.
Inmet said it has prepared to offer C$0.48 in cash or 0.0109 Inmet shares for each Petaquilla common share (or a combination thereof) implying a total equity purchase price of approximately C$112 million.
Subject to Petaquilla's cooperation through a transaction supported by Petaquilla's Board, Inmet would permit Petaquilla to proceed with a spin-out of Petaquilla's assets in Spain or the "Lomero-Poyatos Assets" to Petaquilla shareholders.
The Offer, not including the Spin-out, represents a 37 percent premium to the closing price of the Petaquilla common shares on the Toronto Stock Exchange as at September 5, 2012 and a premium of 30 percent to the 20-day volume weighted average price.
Assuming all Petaquilla shareholders receive Inmet shares, Inmet would issue about 2.5 million shares or approximately 3.5% of Inmet's shares pro forma the transaction.
The offer will be fully financed and will not require approval by Inmet shareholders. The Offer will be open for acceptance for at least 35 days following the mailing of the circular and will be subject to customary conditions, including acceptance by holders of at least 50.1% of Petaquilla's outstanding shares, no further financings (debt and/or equity), no spin out of assets, no material adverse changes, certain due diligence and receipt of all necessary regulatory approvals.
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