RE: NMLUnfortunately NML is uncontrolled and could easily be taken over. Why would a steel company become a partner and have to spend 3+billion to develop the project yet only receive a percentage of the total. Why not just buy the whole undervalued asset and develop it yourself.
Also-this was picked up by Canadian Business Magazine this evening as one of the only bright spots in a day of bloodshed in the markets:
New Millennium denies takeover rumours as stock shoots up 18 per cent
The Canadian Press
January 21, 2008 - 5:21 p.m.
CALGARY - Junior miner New Millennium Capital Corp. (TSXV:NML) denies it has done anything to spur "unusual trading activity" on the Toronto Stock Exchange, as its shares shot up more than 18 per cent.
"There are no corporate developments undertaken by the corporation which explain this activity," the company said in a statement Monday.
"However, certain recent media reports from India may have sparked rumours that the corporation or its assets may be acquired."
The company, which has offices in Calgary and Montreal, had previously announced that it was actively seeking outside investment to help it develop some of its iron ore assets in Quebec and in Newfoundland and Labrador.
"While this process continues, no agreements have been achieved in respect of such commitments and, to the knowledge of management, no tender offers have been advanced to the corporation or its shareholders," New Millennium said.
New Millennium shares were trading at 85 cents Monday afternoon, a 13 cent improvement over Friday's close. Its 52-week high and low are $1.01 and 40 cents.
The news comes on one of the worst days in TSX history. The exchange plunged almost five per cent, or 604.98 points on Monday.