On April 28, 2022, Lundin Mining Corporation acquired all of the issued and outstanding common shares of Josemaria Resources Inc. (“Josemaria Shares”) for an implied equity value of approximately $625 million pursuant to a plan of arrangement under the Canada Business Corporations Act. Pursuant to the arrangement, Josemaria Resources shareholders received, at their election, (i) 0.1487 of a common share of Lundin Mining per Josemaria Share held, plus $0.11 for each whole Lundin Mining share issued to such shareholder; or (ii) $1.60 in cash for each Josemaria Share held; or (iii) any combination thereof, subject to pro-ration based on a maximum cash consideration of approximately $184.5 million and a maximum of approximately 40 million Lundin Mining shares.
Lundin Mining is represented internally by Andrew Hastings, Senior Vice President and General Counsel. Cassels acted as external counsel for Lundin Mining.