Queries Black Hawk sold to Platinova

The Northern Miner has received a number of enquiries recently concerning the corporate restructuring of Black Hawk Mining. They wanted to know who are the principles behind this restructuring and what are their plans for the future. To answer these and other questions, here is the latest on the Toronto company.

Black Hawk Mining is a Toronto- listed junior which was acquired late last year by four Toronto investors following the purchase of Denison Mines and Roman Corp.’s 42% interest in the company.

The investment team consisting of Paul Little, John Thompson, Douglas A. C. Davis, and Jacob Gornitzki, planned to increase the company’s capitalization to 24.5 million shares from 4.3 million.

However, they have since sold the company to Platinova Resources which is part of a consortium of Canadian companies exploring southern Greenland for the rare earths used to produce super conductors.

Prior to becoming a Toronto Stock Exchange-listed-company on June 29, Platinova made a take- over offer for the shares of Black Hawk. After 78% of Black Hawk shares were tendered on June 19, the company became a Platinova subsidiary.

According to Platinova Vice- president David Owens, Black Hawk is now a “she ll company” without any real assets. Although he has no immediate plans for the company, Mr Owens said Black Hawk will be reactivated in the near future.

Black Hawk shares were trading recently on the Toronto Stock Exchange at 45 cents , well below their 52-week high of $1.56 but above their 9 cents low point.