Galactic acquires control of All-North

Galactic Resources Chairman Robert Friedland says his company has acquired of 68.45% interest in All-North Resources in exchange for 96.04% interest in Galactic’s subsidiary Hudson-Yukon Mining Co.

Friedland says the agreement was completed on Dec 16 when Galactic acquired 6,695,102 common shares in the capital stock of Vancouver-listed All-North.

Following the resignation of the All-North board of directors, Fried land is now the company’s chairman and chief executive officer. He is joined on the All-North board by David Huberman and John Eymann.

As reported (N.M., Oct 28/87), this gives the Galactic subsidiary a 75% working interest in the Wellgreen platinum property 220 miles northwest of Whitehorse, with Chevron Minerals holding the remaining 25%.