Colombian Superintendent of Finance Halts Trading on Colombia Stock Exchange Amid Competing Public Tender Offer for Mineros Shares

The Colombian Superintendent of Finance (SFC) has issued a public notice announcing that trading in Mineros S.A. (TSX:MSA, MINEROS:CB) shares on the Colombia Stock Exchange (BVC) has been halted. This action comes in response to Sun Valley Investments AG's (Sun Valley) application to make a public tender offer for between 5% and 9% of the issued and subscribed ordinary shares of Mineros (Mineros Shares). The SFC accepted Sun Valley's application on January 28, 2025, and the acceptance period for the Offer will start on February 21, 2025, and end on March 6, 2025.

Sun Valley currently owns 92,477,823 Mineros Shares, representing 30.85% of the Mineros Shares. If Sun Valley successfully acquires a minimum of 14,986,870 and a maximum of 26,967,366 Mineros Shares pursuant to the OPA, it will own and exercise control over a minimum of 107,464,693 and a maximum of 119,454,189 Mineros Shares, respectively representing approximately 35.85% and 39.85% of the issued and outstanding Mineros Shares as of December 10, 2024.

The halt in trading on the BVC is a standard procedure when a public tender offer is made, as it allows the SFC to review the offer and ensure that it complies with applicable Colombian laws. Once the SFC has completed its review, trading in Mineros Shares on the BVC will resume. Trading in Mineros Shares on the Toronto Stock Exchange (TSX) was not halted in connection with the Offer and is expected to continue unaffected.

Mineros is a gold mining company headquartered in Medellin, Colombia, with a diversified asset base, including relatively low-cost mines in Colombia and Nicaragua, and a pipeline of development and exploration projects throughout the region. The company has a long track record of maximizing shareholder value and delivering solid annual dividends, with a focus on safety and sustainability at all its operations.

The competing public tender offer by Sun Valley has the potential to impact Mineros' shareholder value and investor confidence, as well as its planned exploration, development, and production activities. Investors should closely monitor the situation and consider the potential implications of the offer on Mineros' strategic direction and shareholder value.

In conclusion, the halt in trading on the BVC is a temporary measure to allow the SFC to review Sun Valley's public tender offer for Mineros Shares. Investors should stay informed about the developments surrounding the offer and its potential impact on Mineros' shareholder value and strategic direction.