Inmet Mining Corp. (IMN.TO: Quote) said Thursday that it reiterated its intention to make an offer to acquire all of the outstanding common shares of Petaquilla Minerals Limited (PTQMF.OB,PTQ.TO: Quote).
Inmet noted that in an announcement yesterday Petaquilla Minerals indicated it is proceeding with a proposed offering on a private placement basis of US$210 million aggregate principal amount of senior secured notes due 2017. Inmet''s intention to make the Offer is subject to a number of conditions including that Petaquilla Minerals not complete the proposed US$210 million or other debt or equity financings.
Inmet anticipates that its formal offer to acquire Petaquilla Minerals will be mailed to Petaquilla Minerals'' shareholders within the next two weeks.
On September 5, 2012, Inmet Mining had 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.
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by RTT Staff Writer
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