Inmet Gets Financing for Panama Project

Canadian miner Inmet says it will sell CAD500m in subscription receipts to a unit of Singapore’s Temasek via a private placement to fund development of its Cobre Panama project and for general corporate purposes. As part of the deal, Temasek subsidiary Ellington, based in Canada, has agreed to acquire 9.3m subscription receipts at CAD54 each. The receipts will be exchangeable into Inmet common shares on a 1-for-1 basis, which means Temasek will gain a 14.2% share in Inmet after the exchange. Ellington and members of the Temasek group also agreed, subject to any takeover bid permitted by the terms of the investor rights agreement and to any private placement agreed with Inmet, not to hold more than 19.9% of Inmet’s common shares. Closing is expected by the end of April.