Letters to the Editor Falconbridge offer “too low”: Raglan investor

While Falconbridge had approximately $43 million invested in Raglan, the minor shareholders were pleased to invest in the best undeveloped orebody in Canada, and more importantly, in top-notch hands.

We Raglan shareholders are losing the probability of additional reserves and, in truth, a free ride on $3.5-million-worth of drilling and other work to be done by Falconbridge.

Falconbridge will have approximately $60 million invested in Raglan by the end of the year and no minor shareholders.

I would like to point out certain objects cannot be replaced or duplicated and must be appraised by comparison with others of a like nature.

Where is there anything of this nature to be found or compared to at $5.36 per share? There are none.

The cash offer is too low.

Just one more observation — the huge expenditure considered by Falconbridge to put New Quebec Raglan into production alone is enough to make one realize the potential of the property is tremendous. There are a few shareholders of 15-20 years ago who held on during the exploratory years of low priced nickel, now to be paid out at yesterday’s evaluation. We call ourselves speculative investors, or should it be “suckers.” Frank B. Kilshaw Kilshaws Appraisers Ltd.

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