Teck Announces Subscription to Horizonte Minerals Share Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 11, 2013) - Teck Resources Limited (TSX: TCK.A, TCK.B, NYSE: TCK) ("Teck") announced today that it has subscribed for and acquired an additional 20,000,000 ordinary shares of Horizonte Minerals plc (TSX: HZM, AIM: HZM) ("Horizonte"), at a cost of 7.5 pence per ordinary share, as part of a broader private placement of 41,093,327 new ordinary shares conducted by Horizonte. Following the acquisition of the ordinary shares, Teck holds 170,573,987 ordinary shares, representing approximately 42.5% of the outstanding ordinary shares of Horizonte. Teck's cost for the subscription was approximately CAD$2.4 million.
Horizonte is a mining exploration and development company whose projects include the Araguaia nickel project in Brazil.
The subscription was made for investment purposes. Teck may otherwise determine to increase or decrease its investment in Horizonte depending on market conditions and any other relevant factor. This release is required to be issued under the early warning requirements of applicable securities laws.
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.