The sale of its 32.9% interest in the Hanson Lake copper-zinc- silver property in northern Saskatchewan boosted earnings for Trimin Resources (TSE) to $7.3 million for the year ended Feb. 28, 1991.
The company sold the Hanson Lake interest for $17.5 million in November for a pretax gain of about $14.7 million.
Following the sale, Trimin management was taken over by its largest shareholders, Equity Reserve and Equity Investments, and 556,657 shares of the company were purchased for cancellation under a tender offer at $2 per share.
Trimin’s net asset value of about $9.5 million as of Feb. 28 is substantially cash. With 4.57 million shares outstanding, the company has a value of about $2.08 per share.
President Terry Holland said he expects to present a company business plan to shareholders at Trimin’s annual meeting in August. He doubted the company would pursue business interests related to mining ventures.
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