INSIDER TRADING (November 04, 1991)

Oklahoma oilman George Kaiser struck a bargain when he secured control of Toronto-based palladium-platinum explorer Madeleine Mines (TSE).

According to the Ontario Securities Commission OSC Bulletin, Kaiser upped his stake to 2.9 million shares or 32% last month by purchasing 1.4 million shares privately for $2 a share.

On the same day, the OSC Bulletin shows that Madeleine’s former president Patrick Sheridan sold 1.57 million shares, held by Anyox Metals (ASE) and Zenmac Zinc (ASE), for an undisclosed price to hold one million. Having obtained the shares at their lowest trading price so far this year, Kaiser has sent representatives of his Kaiser-Francis Oil company to sort out Madeleine’s legal problems and get the Lac des Iles project into production. The shares were trading recently at $3.05, well below the high of $6.50. Other mining insiders who were active in the stock market recently include: American Barrick Resources (TSE) Executive Vice-President Alan Hill, who sold 2,000 shares for $24.75 to hold 2,400.

Audrey Resources (TSE) director Real Lafleur sold 6,800 shares for $1.80-2 to hold 11,200.

Deak Resources (TSE) affiliate MacDonald Mines (CDN), which owns more than 10%, sold 61,500 shares for 36-45 cents to hold 977,215.

Kerr Addison Mines (TSE) investor, the Ontario Municipal Employees Retirement Board, bought 20,600 shares for $16.35 to hold 2.5 million.

TVX Gold (TSE) director Nigel Lees sold 55,000 shares for $4.40-4.50 to hold 136,200 shares indirectly.