Invesfor ups stake in Audrey to 6.5%

In the hope that Audrey Resources (TSE) will eventually be the object of a takeover bid, Montreal investment firm Invesfor has increased its interest in the Rouyn- Noranda polymetallic miner to 6.5%. Invesfor’s Jacques Forget said his company bought roughly one million Audrey shares for an average of about $3.50 per share.

The purchase was also completed in anticipation of a feasibility study that Audrey and affiliate Minnova (TSE) are conducting on the Mobrun mine’s new 1100 lens.

Although Minnova is Audrey’s second largest shareholder with an 8% interest, the Toronto company says it is not interested in a takeover bid. Minnova is a member of the Noranda (TSE) group.

Northgate Exploration (TSE), which recently reported a third- quarter loss of $81.2 million after writing down the Colomac gold mine, owns 18% of Audrey’s shares.

A management team led by Audrey President Guy Hebert also holds an 8% stake in the Rouyn- Noranda company.