Minority shareholders of Falconbridge Gold (TSE) will vote June 3 at the annual meeting in Toronto on a resolution approving the purchase of the African gold assets of its controlling shareholder, nickel producer Falconbridge.
The African properties are situated in Zimbabwe and Botswana. As well, Falconbridge Gold would acquire an option to buy all of the parent’s Canadian gold assets. The transaction is worth $11 million and would involve the issuance of shares and a convertible debenture.
The parent Falconbridge, with a 50.6% interest, is not considered a minority shareholder and must refrain from voting on the resolution. Falconbridge Ltd., which does not trade publicly, is owned by Noranda Inc. and Trelleborg AB of Sweden.
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