Timminco: Private Placement completed
Timminco Limited announced that, further to its news release on November 18, 2009, Timminco has completed its private placement equity offering to AMG Advanced Metallurgical Group N.V. ("AMG") of approximately 3.8 million common shares at a price of $1.38 per share for proceeds of approximately $5.3 million. As a result, AMG now owns approximately 67.8 million common shares of Timminco, representing 46.0% of Timminco's total issued and outstanding share capital.
Timminco produces silicon metal for the chemical (silicones), aluminum and electronic / solar industries. Timminco also produces solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar photovoltaic energy industry.
Executive Vice President - Finance and CFO
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