Quadra Mining's $150M Bought Deal Public Offering

On May 9, 2007, Quadra Mining Ltd., a copper producing company, completed a public offering of units at a price of $12.60 per unit for total gross proceeds of $150.7 million. Each unit consists of one common share and one-half of one common share purchase warrant of Quadra, with each whole warrant entitling the holder to acquire a further common share at an exercise price of $20 at any time prior to May 9, 2010.

The offering was made pursuant to a prospectus filed in Canada and by way of private placement in the United States. The units were sold on a bought deal basis with a syndicate of underwriters led by Orion Securities Inc. and including BMO Capital Markets and Raymond James Ltd.

Quadra intends to use the net proceeds of approximately $144 million for repayment of its outstanding secondary tranche of debt in connection with its recent US$200 million debt facility financing, exploration and development at its Sierra Gorda project, exploration and development at the Malmbjerg molybdenum project and for general working capital and corporate purposes.

Quadra Mining was represented in Canada by Blake, Cassels & Graydon LLP with a team consisting of Andrew McLeod, Michael Johnson, Mihai Ionescu and Kevin Zimka. The underwriters were represented by Cassels Brock & Blackwell LLP with a team consisting of Mark Bennett, Jennifer Traub, Leigh-Ann McGowan and Christopher Norton. Simpson Thacher & Bartlett LLP acted as US counsel to the parties with a team that included Joseph Kaufman and Kristina Groennings.