First Quantum Minerals announces CDN $2.06 million special warrant financing closed
Acquisition of ZCCM assets expected to close by the end of march
www.first-quantum.com
VANCOUVER, March 15 /CNW/ - First Quantum Minerals Ltd. (TSE & CDNX
Symbol ``FM') is pleased to announce the completion of the Special Warrant
financing as announced on February 18, 2000. The financing consists of
550,000 Special Warrants at a price of CDN $3.75 per Special Warrant
convertible into one common share of First Quantum, for a period of one year
from the date of issuance of the Special Warrants, resulting in proceeds to
the Company of CDN $2.06 million. Proceeds of the financing will be used for
general working capital purposes.
Acquisition of Zambia Consolidated Copper Mines Limited (``ZCCM') Assets
The acquisition, as announced on February 18, by Mopani Copper Mines Plc
of a 100% interest in ZCCM's Mufulira Division and the Nkana Mine,
Concentrator and Cobalt Plant is expected to close before the end of March.
First Quantum and Glencore International have been assisting ZCCM in the
operation of the assets over the last thirty days to ensure a smooth
transition upon formal closing.
Further information will be released in the coming weeks.
On Behalf of the Board of Directors
of First Quantum Minerals Ltd.
``Clive Newall'
Clive Newall
President
The Toronto Stock Exchange and Canadian Venture Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy of this
release.
Certain of the information contained in this news release constitute
``forward-looking statements' within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements, including but
not limited to those with respect to the prices of gold, copper and sulphuric
acid, estimated future production, estimated costs of future production, the
Company's hedging policy and permitting time lines, involve known and unknown
risks, uncertainties, and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the actual
prices of copper, gold and sulphuric acid, the factual results of current
exploration, development and mining activities, changes in project parameters
as plans continue to be evaluated, as well as those factors disclosed in the
Company's documents filed from time to time with the British Columbia
Securities Commission and the United States Securities and Exchange
Commission.
-0- 03/15/2000
/For further information: Geoff Chater, Bill Iversen or Keith Neumeyer,
Suite 450-800 West Pender Street, Vancouver, British Columbia, Canada V6C 2V6
Tel: (604) 688-6577, Fax: (604) 688-3818, Toll Free: 1 (888) 688-6577, E-Mail:
info(at)first-quantum.com |
