Scandinavian joins the First Quantum fold

Scandinavian Minerals’ shareholders have voted in favour of the previously announced plan of arrangement with First Quantum Minerals at a special meeting of the corporation’s shareholders held in Toronto yesterday. Scandinvaian’s focus is the development of its 100%-owned Kevitsa nickel-copper-PGE project in Northern Finland, and will thus expand First Quantum’s southern African-centric sphere of operation.
Under the Arrangement, a wholly owned subsidiary of First Quantum will acquire all of the outstanding common shares of Scandinavian Minerals on the basis of C$9.00 in cash plus 0.01 common shares of First Quantum for each common share of Scandinavian Minerals. The Arrangement was approved by 99% of the votes cast at the meeting and is expected to become effective on June 18, 2008, subject to the receipt of final court approval which is expected on June 17, 2008.