Insider Trading Gwalia acquires Nevada Goldfields

Australian industrial minerals producer Gwalia Consolidated recently fulfilled its ambition to purchase a publicly traded North American gold miner by acquiring Consolidated Nevada Goldfields (TSE) of Denver.

According to the Ontario Securities Commission’s OSC Bulletin, Gwalia Consolidated subsidiary Greenbushes Ltd. was issued 21.6 million shares for 20 cents in return for cancelling Goldfields’ US$10.8-million bank debt.

Gwalia International Ltd., another Gwalia Consolidated subsidiary, was also issued 15.8 million Goldfields shares at 20 cents in return for its interest in the Barite Hill mine in South Carolina.

A reverse stock split, after the share purchases were completed, has reduced the number of Goldfields shares outstanding to 9.8 million from 58 million. As a result, Gwalia and Greenbushes hold a combined 63% stake in the gold miner which changed its name May 1 to Consolidated Nevada Goldfields, previously known as Nevada Goldfields.

Other mining insiders that were active in the stock market recently include:

Agnico-Eagle Mines (TSE) affiliate Mentor Exploration (TSE) bought 25,000 shares for $5.50-5.75 to hold 2.9 million.

Arimetco International (TSE) officer John Gairdner bought 25,000 shares indirectly through Joronda Resources for $3.30-4.40 and sold 25,300 at $2.80-3.55. He bought 10,000 warrants indirectly at $1.75. Gairdner also holds 5,000 shares via Security Trading Inc.

Bitech (ASE) President James Wade sold 43,000 shares indirectly for an undisclosed price to hold 2.9 million.

Dickenson Mines (TSE) Treasurer Catherine David Nolan was granted an option to purchase 15,000 Class A shares for $2.65 to hold 15,000.

Goldex Mines (TSE) affiliate Agnico-Eagle Mines (TSE) bought 62,400 shares for 95 cents approximately to hold 4.2 million.

Societe Miniere Louvem (TSE) officer Alain Taillefer sold 2,200 shares for $5.56 to hold none.

Minerex Resources (TSE) affiliate Canada Tungsten Mining, which beneficially owns more than 10% of the company’s shares, bought 51,000 shares for 33-38 cents to hold 5.3 million. Canada Tungsten Mining bought 85,000 shares for 35-36 cents to hold 5.4 million.

T & H Resources (TSE) President John Pollock sold 28,000 shares for 13 cents to hold 77,725 directly. He also bought 170,500 shares indirectly at the same price to hold 311,110 in private companies and an RRSP.