The board of directors of both Toronto's Inmet Mining Corp. (TSX:IMN) and Vancouver's Petaquilla Copper Ltd. (TSX:PTC) have signed an agreement supporting revised terms for Inmet's acquisition of Petaquilla.
Petaquilla shareholders will receive $2.20 for each of their shares, which values the deal at approximately $353.6 million. That's $0.20 per share higher than the original bid made in late July.
The acquisition will give Inmet one of the top five copper projects in Panama.
The deal is subject to a number of closing conditions, including two-thirds approval by Petaquilla's shareholders.
Petaquilla's share price range during the past week: between $1.87 and $1.90; 52-week high: $4.20; 52-week low: $0.83.