Shareholders of Societe Minere Louvem (TSE) have approved a plan to divide Louvem into two distinct public companies.
A new company, Novicourt Inc., will retain Louvem’s 45% interest in the US$326-million Louvicourt base metal project, being developed for startup in 1995 by Aur Resources (TSE) and Teck (TSE). Louvem will continue as a publicly traded entity with a portfolio of exploration properties in Quebec. Holders of Louvem’s 18.1 million issued shares will each receive one share of Novicourt for each Louvem share currently held.
The new arrangement should make it easier for the company to finance its share of the development costs for the Louvicourt deposit, which has diluted minable reserves of 22.8 million tonnes grading 4.01% copper, 1.99% zinc, 1.3 grams gold per tonne and 31 grams silver (T.N.M., March 30/92).
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