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Gold/Mining/Energy : first quantum minerals FM on TSE -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (320)	12/21/2000 2:36:02 PM
From: Stephen O	Respond to of 385

FM completes $14.81 million financing VANCOUVER, Dec. 21 /CNW/ - First Quantum Minerals Ltd. (TSE Symbol "FM") is pleased to announce that it has completed a private placement of Cdn. $14.81 million, through Canaccord Capital (Europe) Limited ("Canaccord Europe") acting as agent. The private placement consisted of 4,936,258 Common Shares of First Quantum at a price of $3.00 per Common Share. The net proceeds will be used by the Company to repay the loan from Glencore International AG ("Glencore") in the amount of US$9.6 million which was advanced to First Quantum to fund its portion of the purchase price of the Mufulira and Nkana Mines, Concentrators, Smelter and Refineries. Approximately 90% of the net subscription proceeds, has been placed in escrow. A portion of the funds in escrow will be released to First Quantum if (i) it obtains a listing for its common shares on the London Stock Exchange's Alternative Investment Market ("AIM") within 120 days from the date of issuance of the Common Shares and (ii) it fully discharges its obligations under the Glencore Loan Agreement on or before April 30, 2001. The balance of the funds in escrow will be released to First Quantum if it fully discharges its obligations under the Glencore Loan Agreement on or before April 30, 2001. In the event First Quantum does not obtain an AIM listing for its Common Shares or does not discharge its debt obligation to Glencore, the purchasers shall be entitled to require First Quantum to repurchase their shares at the subscription price. Canaccord Europe will be assisting First Quantum in obtaining a listing on the AIM. First Quantum has appointed Nabarro Wells & Co. Limited as its Nominated Advisor ("NOMAD") to facilitate the AIM listing process. An AIM listing offers the benefits of the London Stock Exchange's ("LSE") reputation, prestige and expertise and is considered as a stepping-stone to a full LSE listing. An AIM listing also provides the Company an alternative access to venture capital, a new market for its shares and the ability to expand its public profile in Europe. First Quantum Minerals Ltd. is a rapidly growing integrated mining and metals company whose principal activities include mineral exploration, development, mining, smelting and refining. The Company is focused on the copper and cobalt sectors in Africa. Its operations in Zambia include the 100% owned Bwana Mkubwa copper mine and sulphuric acid plant; the 44% owned Nkana copper mine and cobalt refinery; and the 44% owned Mufulira copper mine, smelter and copper refinery. The Offering is subject to receipt by First Quantum of all necessary regulatory approvals including the approval of The Toronto Stock Exchange. On Behalf of the Board of Directors of First Quantum Minerals Ltd. "G. Clive Newall" G. Clive Newall