Crew acquiring tin operation

Control of the owner of the last producing tin mine in Cornwall, England, is passing to Crew Natural Resources (VSE).

To acquire a 60% interest in South Crofty, Crew participated in a share offering by South Crofty and in an exchange of two Crew shares for each South Crofty share owned by Carnon Holdings.

The offering, involving 1.8 million shares at 1 per share, will expire Sept. 30.

To fund its purchase of 350,000 shares under the offering, Crew has negotiated a private placement of 3 million units (shares and warrants) at 25.5 cents per unit to raise $765,000.

Crew plans eventually to offer the remaining South Crofty shareholders the opportunity to exchange their shares for Crew shares at the same ratio as accepted by Carnon.

The South Crofty mine began operations in 1906. It was owned by RTZ between 1984 and 1998, when management and employees acquired the mine.