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Message: Quadra and Centenario Complete Plan of Arrangement
| April 8, 2009 |
| Quadra and Centenario Complete Plan of Arrangement |
| VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO--(Marketwire - April 8, 2009) - Further to its previous announcements, Quadra Mining Ltd. ("Quadra") (TSX:QUA) is pleased to announce that it has completed the court-approved plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) pursuant to which Quadra has acquired all of the issued and outstanding common shares of Centenario Copper Corporation (TSX:CCT) ("Centenario"). Under the terms of the Arrangement, former shareholders of Centenario are entitled to receive 0.28 common shares of Quadra for each common share of Centenario, subject to adjustment for fractional shares. Outstanding options to acquire Centenario shares have been exchanged for options to acquire Quadra shares, with the exercise price of such options and the number of Quadra shares to be acquired on the exercise of such options adjusted in accordance with the same exchange ratio. Centenario will be delisted from the TSX on or about April 9, 2009. Paul Blythe, President and Chief Executive Officer of Quadra, commented, "We are pleased by the Centenario shareholders' overwhelming support for the transaction at the special meeting held yesterday afternoon, and welcome them as Quadra shareholders. The completion of the transaction advances our growth strategy and our progression to mid-tier status, with three mines in operation or start-up." Further details regarding the terms of the Arrangement are set out in Centenario's management information circular dated February 27, 2009, which is available at www.sedar.com. About Quadra: Quadra Mining Ltd. is a Vancouver based copper mining company. Quadra was launched as a public company in 2004 with a business plan of becoming a mid-tier base metals development and operating company. Quadra's strategic plan is to grow by acquiring assets, accessing and developing attractive projects held by exploration focused companies and seeking merger opportunities within the small to mid-tier sector. The plan was launched with the acquisition and restart of the Robinson Mine ("Robinson") in Nevada in 2004 and has continued with the purchase and construction of its second producing asset, the Carlota Mine in Arizona. Robinson produced a record 159.7 million pounds of copper and 137,628 ounces of gold in concentrate during 2008. Quadra also owns Sierra Gorda, an advanced and potentially world class development copper project in Region II, Chile. |
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