CME seeks control of Pine Bell Mines

If shareholders of CME Capital Inc. approve the transaction at a special meeting to be called shortly, this company will take over control of Pine Bell Mines. The proposal is to acquire l,950,000 shares at 41 cents per share for a total cost of $799,500 which would represent 39% of the issued shares of Pine Bell, says cme President Murray Cooper.

Pine Bell is a vse-listed company engaged in the production of oil and gas, and is active in mineral exploration in the La Ronge area of Saskatchewan, Elko Cty. in Nevada and Ontario’s Hemlo gold area.

In addition the Pine Bell company recently acquired a porfolio of 600,000 shares of Anyox Metals and 250,000 shares of Heenan Senlac Resources through the issuance of 1,950,000 Pine Bell shares.

The shares of Heenan trade on the Toronto Stock Exchange while those of Anyox trade on the Alberta Stock Exchange. Cme itself is listed on the tse.