Alberta-listed TR Minerals is seeking shareholder approval to reorganize. Under the plan, TR would acquire the mineral assets of two private companies, consolidate shares, raise financing, delist from the Alberta Stock Exchange and seek a listing on the Canadian Dealing Network.
The junior hopes to acquire privately owned Normina, which holds an option on two properties totaling 68 claims, near Matheson, Ont. These properties contain an intensely altered, brittle deformation zone. A drill hole into this subvertical structure intersected 222 metres grading 1.6 grams gold per tonne. TR believes this zone may be exploitable by open-pit methods. In addition to the mineral assets, Normina has about $2.5 million in cash. TR would also acquire 95% of the outstanding shares of Pangea, a private company. Pangea owns a 6,500-sq.-km concession in Tanzania’s Lake Victoria Goldfield which is underlain by the Uele-Nyanza granite-greenstone terrain. Gold mineralization in this terrain can broadly be divided into high-grade lode deposits and lower-grade zones amenable to open-pit mining. The shares of Normina and Pangea will be acquired for the issuance of TR shares.
Under the plan, TR shares will be consolidated on a 1-to-4.5 basis, the company name will be changed, a $4-million private placement will be completed, and a new board of directors appointed. Oliver Lennox-King will act as chairman, Jean-Charles Potvin as president.
If the reorganization is approved, the company will have about 10.4 million shares outstanding and $6 million in cash.
Be the first to comment on "TR Minerals to be reorganized"