New Zealand company Restech International says its Restech Canada Holdings Ltd. unit is set to acquire a 34% stake in Vancouver-based High River Gold Mines (TSE) from TVX Gold (TSE).
In exchange for the asset, Restech has agreed to issue to TVX the equivalent of $5-million worth of shares representing 15% of the company’s share capital. In addition, Restech will pay TVX $650,000 in cash plus a further $100,000 when production begins at High River’s Snow Lake gold deposit in Manitoba. Reserves at the Manitoba property stand at 1.4 million tons of grade 0.19 oz. gold per ton.
Hunter Resources, controlled by Restech International, already owns 8.9% of High River.
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