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February 3, 2009
Amsterdam,
Netherlands: AMG Subsidiary Timminco Completes Equity Financing
AMG
Advanced Metallurgical Group N.V.'s 50.7% owned subsidiary, Timminco
Limited completed its equity offering of 7.04 million common shares
at a price of $3.55 per share for aggregate gross proceeds of
C$25.0 million.
Net
proceeds of the financing were C$24.2 million and will be used
for general corporate purposes, which includes repayment of funds
drawn on the Company's revolving credit facility. The financing
was co-led by Clarus Securities Inc. and TD Securities Inc. as
Timminco's exclusive agents.
AMG,
Timminco's controlling shareholder, subscribed for a total of
3.94 million common shares pursuant to the offering, for aggregate
proceeds of C$14.0 million, representing 55.9% of the financing.
As a result, AMG now owns 56.50 million common shares of Timminco,
representing 50.7% of Timminco's total issued and outstanding
share capital.
Specialty
metal producer, Timminco made its full-year production targets
by boosting fourth-quarter production of solar-grade silicon to
554 tonnes. The Toronto-based company said production was up 62
per cent from levels achieved during the previous quarter.
Timminco
said full-year production came to 1,214 tonnes, slightly exceeding
previously-established targets of between 1,200 and 1,500 tonnes.
The company said it shipped 423 tonnes of solar-grade silicon
for the quarter and a total of 1,044 tonnes for the year ended
Dec. 31, 2008.
Further details about: Timminco
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