Business
Hudbay and Augusta Announce Take-up of Shares and Extension of Offer
TORONTO , July 17, 2014 /CNW/ - HudBay Minerals Inc. ("Hudbay") (TSX, NYSE: HBM) and Aug...
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\n\nTORONTO, July 17, 2014 /CNW/ - HudBay Minerals Inc. (\"Hudbay\") (TSX, NYSE: HBM) and Augusta Resource Corporation (\"Augusta\") (TSX, NYSE MKT: AZC) announced today that Hudbay has taken up 116,233,761 common shares (\"Augusta Shares\") of Augusta that were validly deposited under Hudbay's offer to acquire all of the outstanding Augusta Shares not already owned by Hudbay or its affiliates for consideration per Augusta Share of 0.315 of a common share of Hudbay and 0.17 of a warrant to acquire a common share of Hudbay (the \"Offer\"). The Augusta Shares taken up under the Offer, together with those already owned by Hudbay, represent approximately 92% of the issued and outstanding Augusta Shares. \n\nAll of the conditions to the Offer have been satisfied (including that Augusta's shareholder rights plan be terminated) and the initial offering period, which was extended until July 16, 2014, is now closed. Hudbay has taken up all Augusta Shares that were validly deposited under the Offer and not properly withdrawn prior to 5:00 p.m. (Toronto time) on July 16, 2014. Payment for such Augusta Shares will be made in accordance with the Offer.\n\nHudbay has extended the Offer until 5:00 p.m. (Toronto time) on July 29, 2014 (the \"Expiry Time\") to enable Augusta shareholders who have not yet tendered their Augusta Shares to accept the Offer. The Augusta board of directors has unanimously recommended that Augusta shareholders accept the Offer and tender their Augusta Shares to the Offer. Each of the directors and officers of Augusta has already tendered their Augusta Shares to the Offer. \n\nThe extension of the Offer constitutes a \"subsequent offering period\" under U.S. securities laws. The same form and amount of consideration is being offered to shareholders depositing Augusta Shares during this period as was offered to shareholders during the initial offering period. Augusta Shares deposited under the Offer after July 16, 2014 may be withdrawn by or on behalf of the depositing Augusta shareholder at any time before such Augusta Shares are taken up.\n\nA notice of extension (the \"Notice of Extension\") has been filed with the Canadian and U.S. securities regulatory authorities and will be available for review at www.sedar.com and www.sec.gov. The Notice of Extension is also being mailed to Augusta shareholders in accordance wit...