Shareholders of Nova-Cogesco Resources of Montreal have rejected a private placement of 700,000 shares to MSV Resources, Nova- Cogesco reports.
Proposed price of each share was $2.75. MSV currently has a 15% interest in Nova-Cogesco and would have increased its holding to 26% had the private placement been approved. Nova-Cogesco and msv are managed by Somicom Management Inc.
In other news, Nova-Cogesco shareholders have approved a private placement of 2,100,384 shares at $4.92 per share with Somicom 1987 and Co., Ltd. Partnership. In addition, shareholders approved the issuance of up to 1,399,616 shares of Nova-Cogesco, by way of a private placement, over a 12- month period expiring Nov 30, 1988.
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