A 2-stage deal, the first part will include a placement of 1.4 million Northfield shares for $640,000. The second part will consist of the placement of the balance of the shares in return for cash and assets from Dynatec. The second stage of the deal must be completed by Feb 28, 1990.
Dynatec International is a consulting engineering company specializing in contract mine services such as shaft sinking and underground development.
Upon completion of the private placements, Robert Dengler and William Shaver, the chairman and president of Dynatec respectively, will join the board of Northfield. Control of Northfield following the private placements, will rest with Dynatec as to 33% and Northfield Capital (COATS) also with 33% of the company’s issued and outstanding shares.
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