The recent purchase of about 2.2 million shares of Platinova Resources (TSE) has given Goldcorp Investments of Toronto a commanding direct and indirect interest in the junior. Goldcorp said it acquired the Platinova stock at $1.55 per share through the facilities of the TSE.
When the newly acquired shares are added to Goldcorp’s current holdings and those of Goldfund Ltd. and Goldtrust, which are mutual funds controlled by Goldcorp’s parent, CSA Management, total group ownership amounts to about 4.2 million shares, or a 15.4% interest in Platinova.
Toronto-based Platinova has about 27.1 million shares outstanding.
Goldcorp is the majority owner of gold producer Dickenson Mines (TSE) and is the controlling shareholder (through Dickenson and a minority shareholding of its own) of gold producer Wharf Resources (TSE).
Goldcorp won a takeover fight with Corona (TSE) in 1989 for the Dickenson assets. Interestingly, Corona, until recently, was a working partner in a joint venture project with Platinova.
Vancouver-based Corona recently swapped (T.N.M., Dec. 17/90) its 51% interest in Platinova’s East Greenland gold-platinum exploration project for two million shares of the junior.
The shares acquired by Corona have been escrowed for three years. The agreement between Corona and Platinova allows the former to participate again in the East Greenland project at the post-feasibility stage.
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