This information was accurate at the time of posting, but may be superseded by
subsequent news releases.
Revett Minerals Continues Efforts to Streamline Corporate Structure
March 19, 2009Spokane Valley, Washington – Revett Minerals Inc. (RVM-TSX) (“Revett Minerals”) has been informed by Revett Silver Company, a 70% owned subsidiary of Revett Minerals, that it has invited holders of its 25,583,487 Class B Common Shares to exercise their right to request a redemption of their Class B Common Shares in exchange for common shares of Revett Minerals. Holders of 3,054,659 warrants exercisable into Class B Common Stock of Revett Silver will also be given an opportunity to exchange such warrants into warrants exercisable into common shares of Revett Minerals at the same exercise price. In an effort to streamline the corporate structure of the company, Revett Minerals will honor its commitment to issue common shares and warrants in exchange for the securities of Revett Silver. As previously disclosed, there is a risk that all non-U.S. persons owning common shares of Revett Minerals could be subject to U.S. tax if Revett Minerals is treated as a United States corporation under Section 7874 of the Internal Revenue Code of 1986 as a result of the redemption. If Revett Minerals is treated as a United States corporation, then the consequence to non-U.S. persons who own common shares of Revett Minerals is that U.S. tax on any gain received from the sale of such shares is payable unless such persons qualify for a statutory exemption.
In making the invitation to redeem, management has concluded that it does not believe that Revett Minerals will be treated as a U.S. corporation for U.S. tax purposes. However, it cannot offer any assurance that the Internal Revenue Service will not disagree or challenge management’s interpretation of the guidance it has received.
John Shanahan
President & CEO
For more information, please contact:
Doug Ward, VP Corporate Development or Monique Hayes, Corporate/Investor Communications at
Except for the statements of historical fact contained herein, the information presented in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. There is no guarantee that our efforts to streamline the corporate structure of the company will be successful in that neither Revett Minerals nor Revett Silver has the right to cause the exchange of the Class B Shares of Revett Silver for common shares of Revett Minerals or to cause the exchange of warrants in Revett Silver for warrants of Revett Minerals. There is also no guarantee that the Internal Revenue Service will agree with management’s conclusion that Revett Minerals will not be treated as a U.S. corporation for tax purposes. Actual results and developments could be affected by the holders of Class B Common Shares and/or warrants not exercising their rights due to tax or other reasons, as well as the possibility that the Internal Revenue Service could write implementing regulations that differ from the guidance relied upon by Revett Minerals or otherwise disagree with management’s interpretation. Although Revett Minerals has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
© Copyright 2010, Revett Minerals, Inc.
