Shareholders of Crew Natural Resources (VSE) have approved a corporate name change to South Crofty Holdings, as well as a consolidation of shares on a 2-for-1 basis.
The name change reflects the company’s recently acquired 60% interest in a tin mine in Cornwall, England, that produces about 2,200 tons per year. The mill produces a high-grade (59%) tin concentrate, with recoveries of about 86%. The company hopes to be able to raise the recovery rate to 90-92%. Also, underground mining equipment will be upgraded and additional mining faces opened.
South Crofty is in solid shape financially, having raised $2.7 million in a public financing.
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