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Petaquilla doubles on Inmet bid
Posted on July 07, 2008
Petaquilla Copper Ltd. shares have doubled in early Monday morning trading after Inmet Mining announced a bid for Petaquilla late Sunday night. The stock was up 102% or 98 to 1.94 approaching 10:30 a.m. ET.Inmet said it will pay $2 for Petaquilla, a Vancouver-based emerging copper producer presently developing its copper deposit in the Republic of Panama.Inmet said certain institutional shareholders owning 15,079,000 Petaquilla Copper common shares, or 9.38%of the Petaquilla Copper issued and outstanding common shares have agreed to tender their common shares to the offer, which will be ...
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