Hemlo buying more Central Crude

Hemlo reported this week that it has purchased 30,000 Crude shares on the open market for investment purposes. And it may acquire more, depending on market conditions and other factors, says W. J. Barbour, its vice-president and chief financial officer.

As recently reported (N.M., Jan 2/89), Hemlo has entered into a private agreement whereby it is taking down 750,000 treasury shares at $6 per share and an additional 750,000 shares within a year at $7.

The 780,000 shares being acquired now, together with 857,700 shares previously held, bring Hemlo’s current holdings to 1,637,700 shares which represents 26.6% of Central Crude’s 6,162,731 issued shares. It also holds 1.5 million share purchase warrants which give it the right to buy 1.5 million treasury shares at $7.

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