A deal has been struck by A. N. Ferris, president of Kewagama Gold Mines and related parties, whereby they will sell to a numbered company, 731559 Ontario Ltd., 1.4 million shares (representing more than 48% of the issued shares) of Kewagama for $2.31 million.
The transaction, subject to regulatory approval, calls for Mr Ferris to exchange with Kewagama a building he owns in Cadillac, Que., for Kewagama’s building in Rouyn- Noranda, Que. Mr Ferris will also buy from Kewagama, for $300,000, 150,000 shares of Augmitto Explorations currently held by Kewagama.
Mr Ferris will also option to the the numbered company 250,000 shares of Kewagama he owns for $2 per share until Aug 14, 1989.
In other news, Kewagama has entered into an agreement with Sofimines 1987 and Co., Ltd. Partnership for flow-through financing worth a minimum of $750,000 and a maximum of $2 million.
Be the first to comment on "Ferris, associates selling shares in Kewagama Gold"