Having arranged to acquire the remaining portion of Falconbridge Gold (TSE) that it does not own, Kinross Gold (TSE) is well on its way to achieving its goal of becoming a medium-sized gold producer by the middle of the decade.
Minority shareholders of Falco Gold agreed to sell their remaining 38.6% interest in the company in return for 6.5 million Kinross shares and 3.2 million warrants. The warrants will be exercisable at $3.50 each for three years.
Subject to regulatory approval, Falco Gold will be amalgamated with Kinross and the new company will be known as Kinross Gold.
In other news, Kinross has sold 801,000 shares of Brenna Resources (VSE) and exercised warrants to buy an additional two million shares of Brenna. As a result of these transactions, Kinross owns 4.1 million shares of Brenna, representing a 36.8% interest in the company.
Brenna has recently focused on acquiring gold projects in the former Soviet republic of Uzbekistan, immediately north of Afghanistan.
In 1994, Kinross is poised to produce more than 230,000 oz. gold and gold equivalents from its operations in the U.S., Canada and Zimbabwe. Kinross, owned 16.8% by Dundee Bancorp (TSE), was formed last May through the merger of Plexus Resources, CMP Resources and a private Ontario company.
Be the first to comment on "Kinross to get remaining Falco Gold interest"