(Disclosure: Rose Law Group represents Arizona Sonoran Copper Company.)
By InBusiness Phoenix
Hudbay Minerals Inc. announced the closing of its previously announced acquisition of Arizona Sonoran Copper Company Inc. (“Arizona Sonoran”) by way of a court-approved plan of arrangement, pursuant to which Hudbay has acquired all of the issued and outstanding common shares of Arizona Sonoran, not already owned by Hudbay.
Arizona Sonoran is now a wholly-owned subsidiary of Hudbay and, in accordance with the terms of the Transaction, former Arizona Sonoran shareholders received 0.242 of a Hudbay common share for each Arizona Sonoran common share (each, an “ASCU Share”) held immediately prior to the effective time of the Transaction or, in the case of former holders of options, restricted share units and deferred share units of Arizona Sonoran, for each ASCU Share held immediately following the effective time of the Transaction.
“Completing the Arizona Sonoran acquisition further enhances Hudbay’s copper growth pipeline in the U.S. and strengthens Hudbay’s position as a leading Americas-focused copper company,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “Together with the advancement of Copper World, the addition of the Cactus project to our portfolio creates one of the most significant copper districts in North America. We welcome the Cactus team to the Hudbay family, and we look forward to continuing to de-risk the Cactus project and realizing the significant operational and regional synergies with Copper World. With a strong balance sheet, sustainable free cash flow generation from our diversified operating platform and a disciplined capital allocation strategy, Hudbay is strategically well-positioned to deliver long-term value for all our stakeholders.”
