|Date Announced:||November 21, 2014|
|Client Name:||Duluth Metals Limited|
On January 20, 2015, Antofagasta plc, through its wholly-owned subsidiary, Antofagasta Investment Company Limited, acquired Duluth Metals Limited by way of a plan of arrangement at a price of $0.45 per share, for total cash consideration of $52,891,839.90. Immediately following the acquisition, Antofagasta funded the purchase of $30,000,000 aggregate principal amount convertible debentures, being all of Duluth's outstanding convertible debentures.
Bennett Jones LLP acted as transaction counsel to Duluth with a team comprised of Michael Melanson, John MacNeil, Ali Naushahi, Rami Chalabi, Russel Drew, Simon Grant, Claire Webster and Ted Gotlieb (Mining & Securities), Jeffrey Leon and Michael Paris (Litigation), Martin Sorenson (Taxation) and Michelle MacGillivray (Labour and Employment).