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Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net profit interest in Compania Minera Condestable S.A. (“Condestable”), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine.
Pursuant to a share purchase agreement dated November 20, 2007 (the “CMC Purchase Agreement”) between Iberian and Trafigura, Iberian is obligated to pay to Trafigura an amount equal to 45.96% of the after tax net operating profit of Condestable (the “NPI”) in respect of the period from January 1, 2011 through December 31, 2014. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the “NPI Buy-out”).
Bought Deal Financing
Iberian is also pleased to announce that it has entered into an agreement with a syndicate of investment dealers led by Wellington West Capital Markets Inc. and including Cormark Securities Inc. (collectively the “Underwriters”), which have agreed to purchase, on a bought deal basis, 68,900,000 registered shares (the “Shares”) of Iberian at a purchase price of $0.90 per Share (the “Offering Price”), for aggregate gross proceeds of approximately $62 million (the “Offering”). The Underwriters have been granted an over-allotment option, exercisable at any time prior to 30 days from and including the closing date of the Offering, to acquire up to an additional 10,335,000 Shares, equal to 15% of the number of Shares sold pursuant to the Offering, at the Offering Price, for additional gross proceeds of up to approximately $9.3 million.
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian listed global base metals company with interests in Spain and Peru. The Condestable Mine, located in Peru approximately 90 km south of Lima operates at 2.2 million tonnes per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in the Andalucia region of Spain approximately 110 km north-west of Seville and operates a 2.2 million tonnes per year underground mine and concentrator that produces copper, zinc and lead concentrates that also contain gold and silver.
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