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TORONTO, CANADA--(Marketwire - Nov. 28, 2012) - Inmet Mining Corporation (TSX:IMN) announced today its Board of Directors has approved the adoption of a Shareholder Rights Plan ("Rights Plan"). The Rights Plan is not intended to prevent take-over bids. Rather, it is intended in the event of an unsolicited take-over bid to provide Inmet's Board of Directors and shareholders adequate time to consider and evaluate any such take-over bid and, if appropriate, seek alternatives to maximize shareholder value.
Subject to the terms of the Rights Plan, the Rights will become exercisable in the event any person, together with joint actors, acquires or announces its intention to acquire, including by way of lock-up agreements, 20 percent or more of Inmet's outstanding shares without complying with the "Permitted Bid" provisions of the Rights Plan or without a waiver under the plan. If a take-over is completed without complying with the requirements of the Rights Plan or a waiver under it, the Rights holders (other than the acquiring person and its joint actors) will be entitled to purchase additional Inmet common shares at one-half the prevailing market price at that time. Under the Rights Plan, a bid that, among other things, is made to all shareholders on identical terms and conditions and that is open for at least 60 days may constitute a "Permitted Bid".
In order to implement the Rights Plan, Inmet's Board has authorized the issuance of one right (a "Right") per Inmet common share outstanding to holders of Inmet's common shares outstanding as of today.
Although effective as of today, the Rights Plan is subject to TSX approval and to ratification by Inmet's shareholders at the next annual meeting of shareholders. If the Rights Plan is not ratified at the next annual shareholder's meeting, the Rights Plan and all of the Rights outstanding at that time will terminate.
A copy of the Rights Plan will be made available on SEDAR at www.sedar.com.
Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.
This press release is also available at www.inmetmining.com.
Inmet Mining Corporation
President and Chief Executive Officer
(416) 860 3972
Inmet Mining Corporation
Director, Investor Relations
(416) 361 4808