Control of Consolidated Marcus Gold Mines will pass to a private investor, Wilanour Resources says. Wilanour, which has a 65.5% interest in Marcus, agreed to sell the interest for $40,000.
Before selling the interest, Wilanour purchased Marcus’ only asset consisting of 24 claims near Red Lake, Ont., in return for forgiving indebtedness of $190,000 owed by Marcus to Wilanour. Also, Wilanour agreed to assume a financial obligation of Marcus’ totalling $4,000.
The new controlling shareholder of Marcus, B. Nixon Apple, a Toronto lawyer, says he has no plans for the company at the moment. However, he intends to arrange financing with which to acquire natural resource properties in the future.
Both transactions remain subject to the approval of minority shareholders of Consolidated Marcus and Wilanour’s bankers.
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