Teck to Acquire AQM Copper for CAD$25 Million
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Teck Resources Limited has entered into a definitive agreement to acquire AQM Copper Inc. Teck will acquire all of the issued and outstanding common shares of AQM Copper Inc. not already owned by Teck. Teck holds 42,258,545 shares of AQM, representing approximately 30 percent of AQM’s issued and outstanding common shares.
AQM’s principal asset is a 30 percent indirect interest in the Zafranal copper-gold project located in southern Peru, approximately 70 kilometers north of Arequipa. Teck holds a 50 percent indirect interest in the Zafranal project.
Under the arrangement, AQM shareholders will receive CAD$0.23 in cash per AQM common share. The total cash consideration payable to AQM security holders (other than Teck, and including option holders and deferred share unitholders) is approximately CAD$25 million, implying a total equity value for AQM of CAD$35 million on a 100 percent fully-diluted basis.
The transaction is expected to close in January 2017.
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada.
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