Midas acquiring all of McKendry

Agreements with a private company and the venture capital arm of a chartered bank to acquire the 50% interest in Mc-Kendry Quarries Ltd. it does not already own have been reached, Midas Minerals (TSE) reports.

Midas bought its initial 50% interest in McKendry, which has a limestone quarry operation in the Kingston, Ont., area, in 1989.

The deal, subject to regulatory and shareholder approval and the successful completion of a financing, will see Midas invest $400,000 in McKendry and exchange the 50% interest in McKendry with its partners for $250,000 cash and a convertible debenture of $1 million with warrants. The debenture bears no interest and is convertible into Midas shares in 1994.

Midas, which went public in 1988, has divested itself of its mineral exploration properties.

In addition to its aggregates business, Midas is looking for investment opportunities in the environmental sector.