Minnova boosts Laramide interest

Recently becoming a major shareholder of Laramide Resources (VSE) was Minnova Inc. (TSE)

The precious and base metal producer bought 2.5 million shares of Laramide in a private placement at 90 per share, for a total cost of $2.25 million, giving Minnova a 30.7% interest in the junior. A Minnova representative has been added to the Laramide board of directors.

Under the placement agreement, Minnova must spend $500,000 on Laramide’s Lara polymetallic property on Vancouver Island by Oct 31, 1989.

Minnova has the option to earn up to a further two million common shares of Laramide through additional spending on the property; it may earn one share for each $1 of expenses for the first $1 million (which includes the $500,000 already committed), and one share for each $1.50 of expenses for the next $1.5 million.