Business
Augusta Closes $30 Million Private Placement with HudBay Minerals
Augusta Closes $30 Million Private Placement with HudBay Minerals
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nAugusta Closes $30 Million Private Placement with HudBay Minerals\n\n\n Aug. 31, 2010 (Newsfile Corp.) -- Vancouver, B.C.--(August 27, 2010) - NOT FOR DISSEMINATION IN THE UNITED STATESOR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES All figures in Canadian dollars Augusta Resource Corporation (TSX/NYSE Amex: AZC) (“Augusta” or the “Company”) has closed the approximately $30 million private placement with HudBay Minerals Inc. (TSX: HBM)(“HudBay”) announced on August 23, 2010. The transaction comprised 10,905,590 units at $2.75 per unit. Each unit consists of one common share of Augusta and one half of one common share purchase warrant. Each full warrant is exercisable for one common share of Augusta at $3.90 per share for a period of 18 months expiring on February 27, 2012. The warrants may be subject to accelerated expiry in certain circumstances. HudBay now owns 11.0% of Augusta’s issued and outstanding common shares (13.6% on a fully diluted basis). This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities, including the common shares to be issued upon the exercise of the warrants, have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements. About AugustaAugusta is a base metals company focused on advancing the Rosemont copper project near Tucson, Arizona. Rosemont hosts a large copper/molybdenum reserve that may account for about 10% of US copper output once in production in 2012 (for details refer to www.augustaresource.com). The exceptional experience and strength of Augusta’s management team, combined with the developed infrastructure and robust economics of the Rosemont project, will propel Augusta to become a solid mid-tier copper producer. The Company is traded on the Toronto Stock Exchange and the NYSE Amex under t...