Trader Resources (TSE) has decided not to exercise its option to purchase 1.6 million shares of Ronnoco Gold Mines (COATS) at $1.25 per share. According to the vendors of the shares, Cabre Exploration (TSE) and a private estate, Trader, had previously given notice of its intention to exercise its option.
Exploration work by Trader on Ronnoco’s claims near Timmins, Ont., has outlined a large tonnage low-grading gold deposit. Under the terms of the deal with Cabre and the estate, if Trader exercised its option, it had to make a follow-up offer to purchase all the outstanding shares of Ronnoco at the same price.
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