News Bulletin

First Quantum to Merge With Kiwara PLC

Wednesday, 25 Nov 2009

First Quantum Minerals Ltd and Kiwara PLC have today announced an implementation agreement whereby First Quantum will acquire all the issued shares of Kiwara in a deal valued at US$260M.

Shareholders of Kiwara will receive 0.0085 shares in First Quantum plus GBP0.375 for each Kiwara share held. This equates to a 41.5% premium to Kiwara’s closing price on November 20th 2009 and pre-acceptances have been received for 76% of the current outstanding shares in Kiwara. The board of Kiwara has unanimously recommended the transaction to shareholders and an independent expert will be appointed to report to Kiwara shareholders on the fairness and reasonableness of the proposal.

First Quantum will add almost 3,000 sq km to its Zambian landholdings with Kiwara’s Prospecting Licence 267 being prospective for a range of minerals including copper, nickel, cobalt and uranium. First Quantum is an African focused mining group with a current market capitalisation of US$5.5Bn.

Source: First Quantum Minerals Public Announcement November 2009

     

     

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