Integrated stalled in bid to win 51% stake in Northern

Edmonton-based Integrated Resources (ASE) says that securities regulations have prevented it from acquiring a 51% stake in Northern Minerals (TSE).

Under the terms of an offer which was scheduled to expire Nov. 1, Northern Minerals shareholders were being offered one Integrated share for every three Northern shares currently held.

After the shares were tendered, Integrated says it received and accepted 622,245 common shares, representing a 20.6% interest in Northern Minerals. But the Ontario Securities Commission has prevented Integrated from extending its offer beyond Nov. 1, the date the formal offer expired.

“We are disappointed in not being able to accept the tendering of shares beyond Nov. 1,” said Integrated President John Hope.

“As their largest single shareholder, however, we do look forward to having representation on the Northern Minerals board and working closely with the company to help direct their future positive development,” said Hope.

Integrated is reviewing its position with respect to Northern Minerals.

Meanwhile, Central Guaranty Trust will immediately return to Northern Mineral shareholders any stock tendered after Nov. 1.