Planning to diversify its activities in North America, Osborne & Chappel Goldfields (TSE) has agreed to sell half of its 50% interest in the Los Lilenes SA group of Panama to its major shareholder, Odin Mining and Investment. The sale will also include 48.6% of O&C’s other assets and liabilities.
In return, O&C will buy back Odin’s 48.6% stake in the company.
Odin, which currently holds a 50% interest in Los Lilenes, will continue to operate the Panamanian company’s alluvial gold project in Ecuador for a management fee.
O&C intends to complete a rights offering to provide working capital.
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