Teck Announces Subscription to Strait Minerals Share Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2012) - Teck Resources Limited (TSX: TCK.A, TCK.B, NYSE: TCK) ("Teck") announced today that it has subscribed for and acquired an additional 3,000,000 common shares of Strait Minerals Inc. (TSX VENTURE:SRD) ("Strait"), at a cost of $0.10 per common share, as part of a private placement conducted by Strait. The common shares issued to Teck are legended and restricted from trading until December 16, 2012.
Teck directly holds 6,000,000 common shares of Strait, representing approximately 10.56% of the outstanding common shares of Strait, after giving effect to the private placement. Teck also holds 3,000,000 share-purchase warrants of Strait exercisable at $0.25 per warrant by December 16, 2012 or at $0.35 by December 31, 2013. If Teck were to exercise all of its warrants it would hold 9,000,0000 common shares, or approximately 15.03%, of Strait's outstanding common shares, calculated on a partially diluted basis assuming the exercise of the Teck warrants only.
Strait is a Canadian mineral exploration company active solely in Peru since 2003. The subscription was made for investment purposes. Teck may otherwise determine to increase or decrease its investment in Strait depending on market conditions and any other relevant factors.
This release is required to be issued under the early warning requirement of the Ontario Securities Act and National Instrument 62-103.
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.