Antares Announces Early Exercise of Warrants by IFC
29 Marzo 2010 - 2:30PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.
Antares Minerals Inc. ("Antares" or the "Company") (TSX VENTURE:ANM) is pleased
to announce that IFC, a member of the World Bank Group, has agreed to exercise
all 3,750,000 warrants that it holds to acquire 3,750,000 common shares of the
Company for a total subscription cost of $7,500,000. These warrants were
acquired by IFC in July of 2009 in connection with a private placement. Each
warrant entitles IFC to acquire a common share at an exercise price of $2.00
until July 22, 2014. If at any time following July 22, 2011, the Company's
common shares trade at $2.75 or higher for 30 days on a volume weighted-average
basis, the Company can give notice accelerating the expiry date of the warrants
to 60 days following the date of such notice.
As consideration for IFC agreeing to this early exercise of its warrants,
Antares has agreed to issue 1,875,000 new common share purchase warrants to IFC.
Each new warrant will entitle IFC to acquire a common share at an exercise price
of $3.00 until July 22, 2014. In addition, the Company will grant IFC a
contractual right to participate in any future Antares financings to maintain
its pro-rata equity interest in the Company.
Closing of this transaction is subject to approval of the TSX Venture Exchange
and the negotiation and execution of definitive agreements. The new warrants to
be issued pursuant to this financing will be subject to a four month hold period
in accordance with Canadian securities law.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"We appreciate the support that IFC is providing as a significant shareholder in
the Company. The funds received from this warrant exercise will enable the
Company to aggressively proceed with pre-feasibility and exploration drill
programs at Haquira while maintaining a solid balance sheet with minimal share
dilution. We expect these programs to start with four rigs in April, pending
receipt of updated environmental permits.
In addition to ongoing drill programs in 2010, we are also looking forward to
the receipt of a preliminary economic analysis (PEA), or scoping study, of the
Haquira project. This PEA will incorporate both the secondary SX-EW and primary
sulphide zones that have been established to date at Haquira. We believe that
this fully integrated study of the proposed SX-EW/mill-concentrator operation
will reveal more fully the potential value of the Haquira project. We expect to
receive this report in the next quarter."
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape
poverty and improve their lives. IFC fosters sustainable economic growth in
developing countries by supporting private sector development, mobilizing
private capital, and providing advisory and risk mitigation services to
businesses and governments. IFC's new investments totaled $14.5 billion in
fiscal 2009, helping channel capital into developing countries during the
financial crisis. For more information, visit www.ifc.org.
About Antares
Antares is focused on the acquisition and exploration of precious and base-metal
exploration properties in Latin America that can be quickly and cost-effectively
advanced to the discovery and production stage. In addition to the Haquira
Project in Peru, Antares is also currently exploring the Rio Grande (Cu-Au
porphyry) project in Salta Province of NW Argentina on a 50/50 joint-venture
basis with Pachamama Resources Ltd., a spin-off from Mansfield Minerals Inc.
About the Haquira Copper Project, Peru
The Haquira project, 100% owned by Antares, is located in southern Peru
contiguous to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au
project. The Haquira project offers excellent potential for an initial
low-strip, low-cost SX-EW copper operation with a subsequent transition to a
higher grade primary porphyry copper-molybdenum mill/concentrator operation.
Antares has recently announced an updated resource estimate for the Haquira
project (see press release of February 26th, 2010). The estimate encompasses all
the known mineralization at the Haquira East and Haquira West deposits as well
as the immediately surrounding areas (Potato Patch zone), but does not reflect
the mineralization recently discovered at the nearby Cristo de los Andes
prospect. It includes both the near-surface secondary (leachable) copper
mineralization as well as the underlying primary (mill/concentrate)
mineralization. This resource estimate utilizes all drilling completed to date
at the Haquira project (through drill hole AHAD-174). Highlights from this
interim resource estimate at a cut-off of 0.3% total Cu for primary
mineralization and 0.2% total Cu for leachable secondary mineralization are as
follows:
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Table 1. Mineral Resource Summary Haquira Project - All Zones - February
2010
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Cu
Resource Tonnes Eq(i) Cu Mo Au Ag lbs Cu lbs Cu Eq(i)
Classification (millions) % % % g/t g/t (billions) (billions)
----------------------------------------------------------------------------
Primary Copper Mineral Resources (Mill/Concentrate) - 0.3% Cu cut-off
----------------------------------------------------------------------------
Measured 68.9 0.78 0.64 0.015 0.045 1.84 0.97 1.18
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Indicated 285.7 0.75 0.63 0.014 0.044 1.78 3.93 4.74
----------------------------------------------------------------------------
Inferred 333.7 0.62 0.54 0.009 0.032 1.59 3.94 4.59
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Secondary Copper Mineral Resources (leachable - SX/EW) - 0.2% Cu cut-off
----------------------------------------------------------------------------
Measured 59.4 0.52 0.52 0.68 0.68
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Indicated 155.6 0.44 0.44 1.52 1.52
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Inferred 72.2 0.41 0.41 0.65 0.65
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For further information: please visit our website at www.antaresminerals.com.
This press release is not an offer of securities for sale or solicitation of an
offer of securities for sale in the United States. The Company's securities have
not been, nor will be, registered under the United States Securities Act of
1933, as amended, (the "US Securities Act") or state securities laws and may not
be offered or sold in the United States or to US persons absent registration
under the US Securities Act and state securities laws or applicable exemptions
from the registration requirements of such laws.
All of Antares' exploration programs and pertinent disclosure of a technical or
scientific nature are prepared by, or prepared under the direct supervision of
John Black, Antares' President, who serves as the qualified person (QP) under
the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their
website and can be reviewed at:
http://www.antaresminerals.com/bestpractices/samplingmethodologies
Mineral resources do not have demonstrated economic viability and future in-fill
drilling and scoping, pre-feasibility and feasibility studies will determine
what percentage of the inferred resource can be placed into the mineable
category. Antares is not aware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other issue which may materially affect
this estimate of mineral resources.
Certain disclosure in this release, including the completion and closing of the
warrant exercise, management's assessment of Antares' plans and projects,
constitute forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to Antares' operation as a mineral
exploration company that may cause future results to differ materially from
those expressed or implied. Readers are cautioned not to place undue reliance on
forward-looking statements.
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