HudBay Minerals Inc. (TSX:HBM,NYSE:HBM) and Augusta Resource Corporation (TSX:AZC,NYSE MKT:AZC) reported that Hudbay has taken up 116,233,761 common shares of Augusta which were validly deposited under Hudbay’s offer to acquire all outstanding Augusta Shares not already owned by Hudbay or its affiliates for consideration per Augusta Share of 0.315 of a common share of Hudbay and 0.17 of a warrant to acquire a common share of Hudbay. The Augusta shares taken up under the offer, together with those already owned by Hudbay, represent roughly 92 percent of issued and outstanding shares of Augusta.
As quoted in the press release:
Hudbay has extended the Offer until 5:00 p.m. (Toronto time) on July 29, 2014 (the “Expiry Time”) to enable Augusta shareholders who have not yet tendered their Augusta Shares to accept the Offer. The Augusta board of directors has unanimously recommended that Augusta shareholders accept the Offer and tender their Augusta Shares to the Offer. Each of the directors and officers of Augusta has already tendered their Augusta Shares to the Offer.