On April 23, 2010, Inmet Mining Corporation completed a private placement of $500 million of subscription receipts to Ellington Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings Pte. Ltd. Under the private placement, 9,258,419 subscription receipts of Inmet were issued at a price of $54.0049 each for total proceeds of $500 million.
If certain conditions are satisfied 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 per cent 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 is a Canada-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 per cent interest in Cobre Panama, a development property in Panama. Incorporated in 1974, Temasek Holdings is an Asian investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America,
Temasek owns a diversified S$172 billion (US$119 billion) portfolio as of July 31, 2009, concentrated principally in Singapore, Asia and the emerging economies. Its portfolio covers a broad spectrum of industries: financial services; telecommunications and media; transportation and logistics; real estate; infrastructure, industrial and engineering; energy and resources; life sciences, consumer and lifestyle; and technology.
Inmet was represented by Steven Astritis, Vice President, General Counsel and Secretary, and by Torys LLP with a team that included Christopher Fowles, Michael Pickersgill and James Miller (corporate/securities).
Davies Ward Phillips & Vineberg LLP represented Temasek, with a team that included William Ainley, Jason Saltzman and James Wilson (corporate/securities).