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« Nothing Like Uncertainty to Boost Gold Prices | Main | How to Make, or Lose, a Fortune in Junior Exploration Stocks »

Severstal to acquire more of High River Gold Mines Limited

RIANOVOSTI logo 13 October 2010.JPG

Earlier today we picked up this small clip in the Business section of Rianovosti regarding Severstal's intention to increase its exposure to High River Gold (HRG) through the acquisition of more stock as follows:

Russia's Severstal, one of the world's leading steel and mining companies, is increasing its share in Canadian gold mining company High River Gold (HRG) to 72.64 percent from 70.38 percent, Severstal said on Tuesday.

The company said in a statement that its subsidiary Nord Gold N.V., formerly Severstal Gold N.V, had reached an agreement on the acquisition of 19 million shares, or a 2.26 percent stake in High River Gold Mines, at a price of $1.037 per share.

Severstal expects the transaction to be closed on October 18, the company said.

In August, Severstal, which had previously announced an intention to acquire 100 percent of HRG, purchased nearly 40.7 million ordinary shares in HRG for approximately $25.1 million, increasing its stake to 70.38 percent.

A little later we came across a similar article on MarketWatch from which we gleaned the following:

Following the Transaction, Severstal will have beneficial ownership and control over 610,362,172 Common Shares, representing approximately 72.64% of the issued and outstanding Common Shares as at the date hereof. The additional acquisition of Common Shares will occur in a private transaction outside of Canada from a non-Canadian seller.

Please click the links to read the articles in full.

It looks a like a question of watch this space for now.

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SK Chart 11 October 2010.JPG

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Stay on your toes and have a good one.

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