September 16, 2009
September 16, 2009 - Taseko Mines Limited (TSX: TKO; AMEX: TGB) (the “Company”) announced today that as a significant shareholder of Copper Mountain Mining Corp (TSX: CUM)(“Copper Mountain”) it has expressed concerns to Copper Mountain over its highly dilutive $1.15 brokered financing (the “Brokered Financing”) announced today.
Taseko advises that on September 15, 2009 it delivered a written share exchange merger proposal to the Copper Mountain Board which valued Copper Mountain at a large premium to the Brokered Financing announced by Copper Mountain today. The Brokered Financing will only net Copper Mountain less than $1.10 per share and will result in well over 130% dilution to its shareholders.
The Taseko offer also included an unconditional and immediate cash financing of $10 million at a similar premium price per Copper Mountain share relative to the Brokered Financing. Taseko plans to take legal steps to try to subject the Brokered Financing to a Copper Mountain shareholders’ vote. Other concerned Copper Mountain shareholders are invited to contact Taseko at the numbers below.
Russell Hallbauer, Taseko President and Chief Executive Officer commented: “We believe the $1.15 brokered financing badly undervalues Copper Mountain and we were astonished that our offer was not properly responded to before the brokered deal was priced. We see this as a large loss of value for the current Copper Mountain shareholders and we intend to do what we can to allow Copper Mountain shareholders to have a voice in this.”
For further information, contact Peter Mitchell, Chief Financial Officer - 778-373-4545, toll free 1-800-667-2114.
No regulatory authority has approved or disapproved of the information contained in this news release.
This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.