By selling its remaining oil and gas assets in Australia, Brenda Mines (TSE) hopes to add $1.9 million to cash reserves.
As of June 30, 1993, Brenda had a cash position of more than $107 million. It is waiting for the government to respond to its decommissioning plan for the Brenda mine, northwest of Peachland, B.C.
The cost of the mine closure has been estimated at $17.7 million. About 4.9 million shares of Brenda are outstanding.
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