Primary Metals has entered into a support agreement with Sojitz Corp pursuant to which Sojitz will make a formal take-over bid to acquire all of the outstanding common shares of Primary. Primary’s Board of Directors has unanimously approved the proposed transaction and will recommend that shareholders tender their shares to the offer. Capital West Partners, Primary’s financial adviser, has provided an opinion to Primary’s Board that the consideration to be received under the offer is fair from a financial point of view to Primary’s shareholders. 

Primary owns a 100% interest in the Panasqueira tungsten mine in Portugal, which is currently producing wolframite concentrates containing some 100,000 MTUs of tungsten trioxide per annum, with further improvements underway. Panasqueira has a long history of production of high-quality wolframite concentrates and is the dominant producer of high-grade tungsten concentrates outside China. Further information is available under Primary’s profile at www.sedar.com and on www.primarymetals.ca

Sojitz, one of Japan’s leading trading companies, is listed on the Tokyo Stock Exchange with revenues of C$42 billion, net assets of C$4.2 billion and a market capitalization of C$5.3 billion. Sojitz conducts its operations in 50 countries through approximately 500 consolidated subsidiaries and affiliated companies with over 19,000 employees worldwide. Its business activities cover machinery and aerospace, energy and mineral resources, chemicals and plastics, real estate development, forest products and consumer lifestyle-related business.
Further information at www.sojitz.com