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Toronto, April 27, 2009 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation ("Lundin") is pleased to report that it has closed its previously announced bought deal equity financing, including the full amount of the underwriters' over-allotment option, for aggregate gross proceeds to Lundin Mining of approximately Cdn$188.6 million. The underwriters, led by GMP Securities L.P. and including BMO Capital Markets, Scotia Capital Inc., Canaccord Capital Corporation, Cormark Securities Inc., Dundee Securities Corp., Haywood Securities Inc. and Macquarie Capital Markets Canada Ltd. (the "Underwriters"), purchased an aggregate of 92 million common shares of Lundin Mining at a price of Cdn$2.05 per share. The total number of shares purchased included 12 million common shares issued upon exercise of the underwriters' over-allotment option.
Lundin Mining plans to use the net proceeds from the offering towards the partial repayment of its credit facility, investment in the Tenke Fungurume project and for working capital and general corporate purposes.
The common shares were offered by way of a short form prospectus filed in all of the provinces of Canada, other than Quebec, pursuant to National Instrument 44-101 Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.
This press release is not an offer of common shares for sale in the United States. The common shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About Lundin Mining Corporation
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Spain and Sweden producing copper, nickel, lead, silver and zinc (Neves-Corvo in Portugal, Zinkgruvan in Sweden, and Aguablanca in Spain). Lundin Mining also has a significant 24.75% equity interest in the world class Tenke Fungurume copper/cobalt mine which has just commenced production in the DRC.
In addition, Lundin Mining holds a development project pipeline which includes expansion programs at its Neves-Corvo and Zinkgruvan mines. The Company also holds an extensive exploration portfolio and interests in international mining and exploration ventures. Lundin Mining's corporate headquarters is in Toronto, Canada, and its operational headquarters in London, UK. Lundin Mining's shares are listed on the Toronto Stock Exchange ("LUN") and its Swedish Depository Receipts are listed on the OMX Nordic Exchange ("LUMI").
On behalf of the Board,
President and CEO
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities legislation or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States. Generally, these forward-looking statements or information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the expected use of net proceeds from the bought deal public offering, foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's current Annual Information Form and management discussion and analysis. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management at the time they are made, including, without limitation, the assumed long term price of copper, lead and zinc; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. The forward-looking information contained herein is presently for the purpose of assisting investors in understanding the Company's plans and objectives and may not be appropriate for other purposes. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
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