BRISBANE, AUSTRALIA — (Marketwired) — 11/20/14 — Intrepid Mines Limited (ASX: IAU)(TSX: IAU) („Intrepid“, or the „Company“), advises that upon closing of the A$110 million Buy-Back Offer at 5pm Australian Eastern Daylight Time on 18 November 2014, Buy-Back Acceptance Forms had been received for 449.6 million Intrepid Shares.
As the maximum value of Intrepid Shares that can be bought back under the Buy-Back is A$110 million and the acceptances received exceed this level, a Scale Back will apply in accordance with terms and conditions of the Buy-Back.
The Scale Back will proportionally reduce all acceptances to approximately 81.5%(i) of the number of shares for which shareholders originally submitted their acceptance. In calculating this number, fractions will be rounded down to the nearest whole Share.
The completion of the Buy-Back remains subject to the satisfaction of the remaining Buy-Back Condition, the implementation of the Merger with Blackthorn. Shareholders of Blackthorn will vote on the Merger at a meeting on Friday 21 November 2014.
It is anticipated that once the final Buy-Back Condition is satisfied, the Buy-Back consideration of A$0.30 per Intrepid Share will be dispatched to Intrepid Shareholders on or around 11 December 2014.
(i)The percentage used for the Scale Back will be 81.54635% with fractions being rounded down to the nearest whole Share.
Contacts: Inquiries regarding this report and Company business: Intrepid Mines Limited Scott Lowe, Chief Executive Officer Brisbane, Australia +61 7 3007 8000
Intrepid Mines Limited Greg Taylor Toronto, Canada +905 337 7673 or Mobile: +416 605 5120
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