Teck Resources Limited (TSX:TCK.B) acquired remaining 70.4% stake in AQM Copper Inc. from Resource Capital Fund V, L.P., managed by Resource Capital Funds and others for CAD 24.7 million.
January 13, 2017
Share
Teck Resources Limited (TSX:TCK.B) entered into a definitive agreement to acquire remaining 70.4% stake in AQM Copper Inc. (TSXV:AQM) from Resource Capital Fund V, L.P., managed by Resource Capital Funds and others for CAD 24.7 million on November 21, 2016. Under the terms of the agreement, Teck Resources will acquire the remaining shares for CAD 0.23 per share in cash. Teck Resources will also acquire the deferred share units and options of AQM. AQM Copper will pay a termination fee of CAD 1 million to Teck Resources in case it terminates the transaction. The deal is subject to customary closing conditions, including approval by holders of AQM shares, options and deferred share units, court approvals, approval of the TSX-V and regulatory approvals. The transaction is also subject to shareholders of AQM not exercising dissent rights in connection with the arrangement. As of January 11, 2017, AQM Copper Inc. (TSXV:AQM) received the court approval. The transaction has been unanimously recommended by the Board of AQM and the special committee of AQM. AQM’s officers and Directors and Resource Capital Fund V L.P. have entered into support agreements to vote in favor of the transaction. AQM Copper will hold a court convened shareholders’ meeting by January 9, 2017 to consider the transaction. The deal is expected to close in January 2017. Origin Merchant Partners acted as fairness opinion provider for the special committee of AQM Copper, Haywood Securities Inc. acted as financial advisor and Osler, Hoskin & Harcourt LLP acted as legal advisor for AQM Copper. McMillan LLP acted as legal advisor for Teck Resources.
Teck Resources Limited (TSX:TCK.B) completed the acquisition of remaining 70.4% stake in AQM Copper Inc. (TSXV:AQM) from Resource Capital Fund V, L.P., managed by Resource Capital Funds and others for CAD 24.7 million on January 13, 2017. As a result, the Shares will be delisted from the TSX Venture Exchange and Teck will apply to the relevant securities commissions for AQM to cease to be a reporting issuer under Canadian securities laws.
Teck Resources Limited is a Canadian resource company. The Company operates a portfolio of copper and zinc operations across North and South America. The Companyâs operations and projects include Antamina, Cardinal River, Galore Creek Project, Carmen de Andacollo, Highland Valley Copper, Trail Operations, Quebrada Blanca, Carmen de Andacollo, HVC Mine Life Extension Project, Galore Creek Project, NorthMet Project, Mesaba Project, NuevaUnion Project, Red Dog, Sullivan Mine and Trail Operations. The Antamina mine is a copper and zinc mine, located in the Andes Mountain range, 270 kilometers north of Lima, Peru. The deposit is located at an average elevation of 4,200 meters. Its Carmen de Andacollo is located in the Coquimbo Region of central Chile at an elevation of 1,000 meters, approximately 350 kilometers north of Santiago. Its Galore Creek is located within the territory of the Tahltan in northwestern British Columbia, approximately 150 kilometers northwest of Stewart.
Teck Resources Limited (TSX: TCK.B) acquired remaining 70.4% stake in AQM Copper Inc. from Resource Capital Fund V, L.P., managed by Resource Capital Funds and others for CAD 24.7 million.
TECK RESOURCES LIMITED 
