Metall amends Minnova offer

An amended proposal to acquire the outstanding shares of Minnova (TSE) has been made by Metall Mining (TSE).

Each Minnova share can be exchanged for one Metall share, $4 cash and half of a warrant to buy a Metall share. One full warrant will entitle the holder to buy a Metall share at any time up to five years following its issue for $14.

Metall is also offering Minnova shareholders the alternative of receiving 1.43 Metall shares for each Minnova share held.

Metall President Klaus Zeitler said the revised offer represents a significant premium over Metall’s estimate of Minnova’s net value. He added that the original proposal was improved because of unfavorable response from investors and several minority shareholders.

One of Minnova’s key assets is its interest in the Izok Lake base metal property, 360 km north of Yellowknife, N.W.T. Reserves total 13.6 million tonnes grading 14.6% zinc, 1.6% lead, 2.5% copper and 77.7 grams silver per tonne (T.N.M., Sept. 28/92).

The proposed acquisition will be voted on at Minnova’s annual meeting on May 3.

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