VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 2, 2011) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today announced that at the special meeting of shareholders held on July 29, 2011, shareholders of record as at the close of business on June 17, 2011, passed a resolution approving a subdivision of the Company's issued and outstanding common shares on a five-for-one basis. The record date for the stock split will be August 11, 2011.
First Quantum's common shares will commence trading on the Toronto Stock Exchange on a split basis at the opening of trading on August 9, 2011, which is the second trading day preceding the stock split record date of August 11, 2011. Trading in the Company's common shares on the London Stock Exchange will be suspended from 7.30 a.m. (BST) on August 9, 2011 and will re-commence trading in London on a split basis from 8.00 a.m. (BST) on August 10, 2011.
Each shareholder of record of the Company as of August 11, 2011 will receive four additional common shares for each common share held on such date. The Company will use the direct registration system, also known as "DRS", to electronically register the common shares of the Company issued pursuant to the stock split, rather than issuing paper certificates. Registered shareholders should retain their current First Quantum share certificates, which will remain valid and will continue to represent the number of First Quantum common shares indicated on those certificates. A "DRS Advice", indicating the additional common shares to which registered shareholders are entitled as a result of the stock split, will be mailed to shareholders of record as of August 11, 2011 as soon as reasonably practicable following such date. The combination of the old First Quantum share certificates and the new DRS Advices will represent each registered shareholder's total post-split shareholdings. For beneficial shareholders who hold their shares in an account with their investment dealer or other intermediary, their account will be automatically updated to reflect the stock split.
The stock split will not change the rights of holders of common shares. There will be consequential amendments to certain outstanding convertible securities of the Company to preserve proportionately the rights of holders of such convertible securities. No action is required on the part of the holders of such convertible securities of the Company.
First Quantum anticipates that the stock split will make First Quantum stock more accessible to a wide range of shareholders and should enhance liquidity for investors. The Company currently has approximately 86 million common shares outstanding, which subsequent to the stock split will increase to approximately 430 million common shares outstanding.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
Listed in Standard and Poor's
Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward -looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorit des marchs financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.