Inmet Mining Corp.(IMN.TO) announced that it has filed its formal offer for all of the outstanding common shares of Petaquilla Minerals Ltd. (PTQMF.OB, PTQ.TO)with Canadian securities regulators and has mailed the offer and related documents to Petaquilla Minerals shareholders.
Under the offer, Petaquilla Minerals shareholders can elect to receive consideration in cash, shares or a combination thereof.
For each Petaquilla Minerals common share they own, shareholders can elect to receive: 0.0109 of a common share of Inmet and $0.001 in cash; or a cash amount that is greater than $0.001 but not more than $0.48, and, if such elected cash amount is less than $0.48, that number of common shares of Inmet equal to the excess of $0.48 over the elected cash amount, divided by $43.945.
The maximum cash consideration of $0.48 per Petaquilla common share under the Elected Cash Alternative represents a 37 percent premium to the closing price of Petaquilla Minerals common shares on the Toronto Stock Exchange (TSX) as at September 5, 2012, the last trading day immediately prior to Inmet''s announcement of the offer.
Inmet Mining stated that the offer will be open for acceptance until on November 5, 2012, unless extended or withdrawn.
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