Hudbay has taken up the additional 6.1 million common shares of Augusta Resource Corporation that were validly deposited under Hudbay’s offer to acquire all the outstanding Augusta shares not already owned by Hudbay or its affiliates. Hudbay now owns just over 45 million or approximately 96 percent of the outstanding Augusta shares. The offer has terminated and Hudbay intends to acquire through a subsequent transaction the shares it does not already own.
Augusta is a base metals company focused on advancing the Rosemont Copper Project near Tucson, Arizona. It is anticipated that members of Hudbay’s current management team will assume management positions with Augusta and replace their current senior management team and certain members of the Augusta board of directors will be replaced by nominees of Hudbay.