Control change at Golden North

Ardvreck Inc., a private company controlled by former Pamour (TSE) President Denis McLeod, recently agreed to purchase a 22.4% controlling stake in Vancouver-based Golden North Resources (TSE).

Pending completion of the private agreement, three control block shareholders of Golden North will sell 1.2 million common shares to Ardvreck for an undisclosed price.

Still subject to regulatory approval, the transaction doesn’t include about 1.5 million shares to be retired into the Golden North treasury once the deal is closed. As a result, the number of golden North shares outstanding will drop to 4.9 million from 6.4 million.

Last December, the company sold to Corona (TSE) various claim groups surrounding Corona’s nickel plate gold mine near Hedley, B.C. At year-end Golden North had about $4.1 million in uncommitted working capital.