On June 18, 2008, First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) and Scandinavian Minerals Limited (TSX:SGL)(FRANKFURT:W3M), announced the closing of the previously announced plan of arrangement, pursuant to which a wholly-owned subsidiary of First Quantum acquired all of the outstanding common shares of Scandinavian Minerals in consideration of $9.00 in cash plus 0.01 common shares of First Quantum for each Scandinavian Minerals common share. The total equity value of the transaction was approximately CDN$281 million. The Arrangement was carried pursuant to the provisions of the Canada Business Corporations Act and was approved by the Ontario Superior Court of Justice and the affirmative vote of Scandinavian Minerals' shareholders at a special meeting of shareholders held on June 12, 2008. Pursuant to the Arrangement, First Quantum, through its wholly-owned subsidiary, acquired all 27,005,199 issued and outstanding common shares of Scandinavian Minerals in consideration of cash and the issuance of 284,491 common shares of First Quantum. First Quantum is a mining and metals company whose principal activities include mineral exploration, development and mining. First Quantum was advised in this transaction by Christopher Lemon, General Counsel and Corporate Secretary, and by Fasken Martineau with a team that included John Turner, Richard Steinberg, Daniel Batista and Jeff Hergott (securities), Samuel Rickett (litigation), Huy Do (competition), and Mitchell Thaw and Ronald Nobrega (tax).