TORONTO (miningweekly.com) – Toronto-based Inmet Mining will raise $500-million in a private placement to a subsidiary of Singapore's Temasek Holdings, and will put the proceeds towards development of its Cobre Panama copper project, the company announced on Wednesday.The private placement announced on Wednesday will make Temasek Inmet's largest shareholder, Tilk said.
Ellington Investments, an indirect wholly owned subsidiary of Temasek has agreed to buy 9,26-million subscription receipts at a price of $54.0049 each for total proceeds to Inmet of $500-million.
The funds will be held in escrow by CIBC Mellon Trust Company, and invested on behalf of Temasek pending exchange of the subscription receipts for Inmet common shares as described below. Full Story
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