Zenmac Zinc has issued a statement of claim against Cominco Ltd. alleging that Cominco did not tender its 62.5% interest in Vestgron Mines into the Zenmac offer of 65 cents per share for all the shares of Vestgron.
As Cominco did not tender its shares the condition of the offer was not met and Zenmac did not take up and pay for any shares of Vestgron, says Zenmac.
The offer has now expired.
In its statement of claim, Zenmac is seeking specific performance of an agreement between Cominco and Zenmac to sell the Vestgron shares to Zenmac, a mandatory order to the same effect, or damages in the amount of $5 million.
Ralph Davis, a Cominco solicitor, says Cominco has received the statement of claim and is studying it. At press-time the situation had not changed.
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