Severstal article on gold-prices.bizEarlier today we picked up this small clip in the Business section of Rianovostiregarding Severstal’s intention to increase its exposure to High RiverGold (HRG) through the acquisition of more stock as follows:
Russia’s Severstal, one of the world’s leading steel and miningcompanies, is increasing its share in Canadian gold mining company HighRiver Gold (HRG) to 72.64 percent from 70.38 percent, Severstal said onTuesday.
The company said in a statement that its subsidiary Nord Gold N.V.,formerly Severstal Gold N.V, had reached an agreement on the acquisitionof 19 million shares, or a 2.26 percent stake in High River Gold Mines,at a price of $1.037 per share.
Severstal expects the transaction to be closed on October 18, the company said.
In August, Severstal, which had previously announced an intention toacquire 100 percent of HRG, purchased nearly 40.7 million ordinaryshares in HRG for approximately $25.1 million, increasing its stake to70.38 percent.
A little later we came across a similar article on MarketWatch from which we gleaned the following:
Following the Transaction, Severstal will have beneficial ownershipand control over 610,362,172 Common Shares, representing approximately72.64% of the issued and outstanding Common Shares as at the datehereof. The additional acquisition of Common Shares will occur in aprivate transaction outside of Canada from a non-Canadian seller.
Please click the links to read the articles in full.
It looks a like a question of watch this space for now.
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