Iberian Minerals Announces Purchase of Net Profit Interest From Trafigura and $62 Million "Bought Deal" Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined
to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net
profit interest in Compania Minera Condestable S.A. ("Condestable"), which is
the subsidiary through which Iberian holds its approximately 98.73% interest in
the Condestable Mine. 


Pursuant to a share purchase agreement dated November 20, 2007 (the "CMC
Purchase Agreement") between Iberian and Trafigura, Iberian is obligated to pay
to Trafigura an amount equal to 45.96% of the after tax net operating profit of
Condestable (the "NPI") in respect of the period from January 1, 2011 through
December 31, 2014. In accordance with the terms of the CMC Purchase Agreement,
Iberian retained the option to purchase the NPI from Trafigura at any time until
June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI
Buy-out").


Bought Deal Financing

Iberian is also pleased to announce that it has entered into an agreement with a
syndicate of investment dealers led by Wellington West Capital Markets Inc. and
including Cormark Securities Inc. (collectively the "Underwriters"), which have
agreed to purchase, on a bought deal basis, 68,900,000 registered shares (the
"Shares") of Iberian at a purchase price of $0.90 per Share (the "Offering
Price"), for aggregate gross proceeds of approximately $62 million (the
"Offering"). The Underwriters have been granted an over-allotment option,
exercisable at any time prior to 30 days from and including the closing date of
the Offering, to acquire up to an additional 10,335,000 Shares, equal to 15% of
the number of Shares sold pursuant to the Offering, at the Offering Price, for
additional gross proceeds of up to approximately $9.3 million.


Trafigura has advised the Company of its intention to exercise its pre-emptive
right to purchase Shares as part of the Offering to maintain its approximate
current pro rata ownership interest in Iberian. Trafigura currently holds
approximately 48.1% of Iberian's issued and outstanding shares.


The net proceeds of the Offering will be used to finance the NPI Buy-out and for
general working capital purposes.


The Shares will be offered by way of a short form prospectus to be filed in all
of the provinces of Canada (other than the Province of Quebec) pursuant to
National Instrument 44-101 - Short Form Prospectus Distributions and in the
United States on a private placement basis pursuant to an exemption from the
registration requirements of the United States Securities Act of 1933, as
amended, and in other jurisdictions as permitted.


The Offering is scheduled to close on or about June 24, 2011 and is subject to
certain conditions including, but not limited to, Trafigura exercising its
pre-emptive right and the receipt of all necessary approvals including the
approval of the TSX Venture Exchange and the securities regulatory authorities.


Related Party Transactions

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"), the NPI Buy-out and the purchase
of Shares by Trafigura will be "related party transactions" as Trafigura
currently holds 176,582,163 registered shares representing approximately 48.1%
of the issued and outstanding registered shares of Iberian. Iberian is exempt
from the formal valuation requirement of MI 61-101 in connection with the NPI
Buy-out and the purchase of Shares by Trafigura in reliance on section 5.5(b) of
MI 61-101 as no securities of Iberian are listed or quoted for trading on the
Toronto Stock Exchange, the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Stock market or any other stock exchange outside of Canada
and the United States. Additionally the Corporation is exempt from obtaining
minority shareholder approval in connection with the NPI Buy-out and the
purchase of Shares by Trafigura in reliance on section 5.7(1)(a) of MI 61-101 as
the fair market value of the NPI Buy-out and the purchase of Shares by Trafigura
does not exceed 25% of Iberian's market capitalization.


About Iberian Minerals Corp. 

Iberian Minerals Corp. is a Canadian listed global base metals company with
interests in Spain and Peru. The Condestable Mine, located in Peru approximately
90 km south of Lima operates at 2.2 million tonnes per year producing copper,
and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in
the Andalucia region of Spain approximately 110 km north-west of Seville and
operates a 2.2 million tonnes per year underground mine and concentrator that
produces copper, zinc and lead concentrates that also contain gold and silver. 


FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and
"forward-looking information" under applicable securities laws. Except for
statements of historical fact, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward looking information may
include, but is not limited to, statements with respect to the purchase of the
NPI, completion of the Offering, the use of proceeds, the future financial or
operating performances of the Corporation, its subsidiaries and their respective
projects, the timing and amount of estimated future production, estimated costs
of future production, capital, operating and exploration expenditures, the
future price of copper, gold and zinc, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the costs and timing of
future exploration, requirements for additional capital, government regulation
of exploration, development and mining operations, environmental risks,
reclamation and rehabilitation expenses, title disputes or claims, and
limitations of insurance coverage. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are made, and
are based on a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. Many
of these assumptions are based on factors and events that are not within the
control of the Corporation and there is no assurance they will prove to be
correct. Factors that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in market
conditions and other risk factors discussed or referred to in the section
entitled "Risk Factors" in the Corporation's annual information form dated March
29, 2010. Although the Corporation has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. The Corporation undertakes no obligation to
update forward-looking statements if circumstances or management's estimates or
opinions should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking statements.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The common shares will not be
and have not been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
InZinc Mining (TSXV:IZN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024