Teck Announces Subscription to Horizonte Minerals Share Placement
OREANDA-NEWS. June 20, 2012. Teck Resources Limited (TSX: TCK.A, TCK.B, NYSE: TCK) (“Teck”) announced today that it has subscribed for and acquired an additional 27,293,747 ordinary shares of Horizonte Minerals plc (TSX: HZM, AIM: HZM) (“Horizonte”), at a cost of 7.25 pence per ordinary share, as part of a broader private placement of 71,986,190 new ordinary shares conducted by Horizonte. Following the acquisition of the ordinary shares, Teck currently holds 150,573,987 ordinary shares, representing approximately 41.8% of the outstanding ordinary shares of Horizonte. Teck’s cost for the subscription was approximately CAD 3.2 million.
Horizonte is a mining exploration and development company whose projects include the Araguaia nickel project in Brazil.
The subscription was made for investment purposes. Teck may otherwise determine to increase or decrease its investment in Horizonte depending on market conditions and any other relevant factor. This release is required to be issued under the early warning requirement of the Ontario Securities Act and National Instrument 62-103.