GR Capital Corp., a subsidiary of Golden Rule Resources (TSE), says it will not be acquiring more shares of Waddy Lake Resources (TSE), except in compliance with all legal and regulatory requirements. The company currently holds a total of 1,185,217 shares of Waddy Lake representing about 22.36% of its outstanding common shares. In addition, individuals acting jointly with GR Capital own another 100,000 shares or 1.8% of Waddy Lake’s stock.
A substantial portion of the shares were acquired in a series of transactions on the Toronto Stock Exchange since May, 1987. GR Capital says that some of these share acquisitions were not in full compliance with all legal and regulatory requirements relating to takeover bids. Another recent acquisition of 238,462 Waddy Lake shares by GR Capital has been reversed because it did not comply with regulatory requirements.
The Golden Rule subsidiary says it is currently taking steps to obtain the consent and approval of regulatory agencies for the Waddy Lake share acquisitions. In the meantime, the company will voluntarily restrict the exercise of its voting privilege to 10% of the outstanding shares of Waddy Lake. Both juniors have varying interests in several gold prospects in the La Ronge greenstone belt of northern Saskatchewan.
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