Receipts sold to Ellington Investments now have new conversion terms
By Devika Patel
Knoxville, Tenn., Dec. 23 - Inmet Mining Corp. said it amended the terms of subscription receipts it sold in a private placement to Ellington Investments Pte. Ltd. The deal settled for C$500 million on March 31.
The company sold 9,258,419 receipts to Ellington Investments. The receipts were originally priced at C$54.0049 and converted into common shares on a one for one basis.
The receipts will now be exchangeable for 0.840283 of a common share, for a price per share of C$64.2699, or a 15% discount to the five day volume-weighted average price of the stock on Dec. 22. Ellington will receive 7,779,692 shares, or approximately 11.2% of Inmet's outstanding shares, on a non-diluted basis.
Proceeds from the deal were used for the development of the Cobre Panama project and for general corporate purposes.
Inmet is a Toronto-based international mining company.
| Issuer: | Inmet Mining Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$500 million
|
| Receipts: | 9,258,419
|
| Price: | C$54.0049
|
| Conversion price: | C$64.2699
|
| Conversion ratio: | 0.840283 of a common share per receipt
|
| Warrants: | No
|
| Investor: | Ellington Investments Pte. Ltd
|
| Pricing date: | March 31
|
| Revised: | Dec. 23
|
| Stock symbol: | Toronto: IMN
|
| Stock price: | C$55.50 at close March 30
|
| Market capitalization: | C$4.25 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
