Having bought the Faro property in the Yukon, Anvil Range Mining has entered into an agreement with Hyundai of Korea involving the sale of Anvil shares worth $24.5 million.
Hyundai will acquire almost 1.6 million shares of Anvil at $5.68 per share and 2.5 million shares at $6.25 per share.
Early in November, Anvil sold 7.24 million shares for $41.1 million to institutional investors. In mid-November, it filed a final prospectus in Ontario, British Columbia and the Yukon for an offering of flow-through shares and silver royalty certificates, to raise up to $31 million. Anvil bought the Faro assets of bankrupt Currugh Inc. from receiver Peat Marwick Thorne (T.N.M., Nov. 14/94).
The company has also entered a sales agency agreement with Hyundai whereby the latter will sell half of the lead and zinc concentrates produced by Anvil during a 7-year term. The sales territory will include Korea, Japan and China. Shareholders of Anvil will be asked to approve a motion increasing the size of the board of directors to 12 members from seven, and another motion allowing for the election of three directors nominated by Hyundai.
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