The Victor Smorgon Group has backed the existing directors of Greenfields Coal, an Australian coal company in which Clifford Frame’s Mineral Resources (MIC-T) holds about 15 million shares.
The directors were re-elected at the recent meeting of shareholders. At the same time, approval was granted for the placement of about 10 million preference shares at 26 cents each to the Victor Smorgon Group.
Mineral Resources had previously announced a takeover offer for Greenfields based on a price of 13 cents per share. While that offer was rebuffed, President Clifford Frame says the involvement of the Smorgon family will help Greenfields achieve the goals Mineral Resources wanted to achieve.
“Our aim has always been simply to strengthen Greenfields’ management and to focus its attention on bringing the Alpheus coal reclamation project into profitable production,” he adds.
Mineral Resources holds an interest in an asbestos project in British Columbia, as well as interests in various resource projects elsewhere in the world.
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