On April 23, 2010, Inmet Mining Corporation completed a private placement of C$500 million of subscription receipts to Ellington Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited. Under the private placement, 9,258,419 subscription receipts of Inmet were issued at a price of C$54.0049 each for total proceeds of C$500 million.
The net proceeds will be used by Inmet for the development of its Cobre Panama project and for general corporate purposes.
Upon the satisfaction of certain conditions on or before September 30, 2010, including the coming into effect of legislation passed by the legislative assembly of the Republic of Panama amending Panama's Mineral Resources Code to permit entities in which foreign governmental bodies or authorities have an interest to hold direct or indirect interests in mining concessions in Panama, the subscription receipts will be automatically exchanged, subject to certain adjustments, for an aggregate of 9,258,419 common shares of Inmet representing approximately 14.16% of its outstanding common shares after giving effect to the issuance of the shares to Temasek (based on the number of shares outstanding as of April 23, 2010).
Inmet Mining is a Canadian-based global mining company that produces copper, zinc and gold. It has interests in five mining operations in locations around the world: Cayeli, Las Cruces, Pyhasalmi, Troilus and Ok Tedi. Inmet also has a 100% interest in Cobre Panama, a development property in Panama.
Temasek Holdings is an Asia investment company headquartered in Singapore and supported by 12 affiliates and offices in Asia and Latin America.
Further information is found on Inmet's website.