Australian-based M.I.M. Holdings has notified Granges (TSE) that it intends to sell all of its 12.7 million common shares of the company.
The shares will be sold for not less than $4 per share, or on other terms acceptable to M.I.M. The shareholding amounts to 37% of the issued shares of Granges.
The Vancouver-based company holds the right to find a buyer for the shares for a period of up to 30 days from receipt of the notice of intent to sell. Janis Busse, general counsel and corporate secretary for Granges, said the company is referring the matter to an independent committee of its board of directors. She said M.I.M. gave no reason for the sale, although it has stated publicly it is reviewing its assets worldwide.
M.I.M. holds a direct 13.8% interest in financially troubled Metallgesellschaft. The interest is held jointly with the German company’s 50.1%-owned subsidiary, Metall Mining (TSE).
Granges owns 50.5% of the outstanding shares of Hycroft Resources & Development (VSE), as well as 29% of the Trout Lake underground zinc-copper mine in Manitoba.
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