I was thinking about Equinox minerals today (ticker EQN, traded on TSX). Why?
I was remembering this NR: First Quantum buys 9.9% on the open market and then 7.27% in 2007. I was thinking of this because EQN was at the $2.00 range and then mysteriously dropped and averaged around 1.35-1.40 only to be given this announcement. Nice and sneaky tactics to aquire 17.27% for bargain prices. Of course the share price was allowed to go up after announcement.
Dec 06, 2007 09:01 ET
First Quantum Minerals Acquires 17.27% Interest in Equinox Minerals Limited
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2007) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) announces that on December 5, 2007 the Company acquired 41,300,000 common shares in Equinox Minerals Limited representing 7.31% of the issued and outstanding shares. After the acquisition of the shares, First Quantum will beneficially own 97,556,700 common shares representing 17.27% of the issued and outstanding shares of Equinox Minerals Limited.
The securities were acquired through the facilities of the Toronto Stock Exchange. First Quantum has acquired the common shares for investment purposes and may acquire further common shares or dispose of its holdings of common shares both as investment conditions warrant.
Equinox Minerals Limited is developing its 100% owned Lumwana copper mine located in the North Western Province of Zambia approximately 65 kilometres west of First Quantum's Kansanshi copper-gold mine.
