MINING MARKET & INVESTMENT NEWS – Osisko lists, McWatters plans buyback

Osisko Exploration has been called for trading on the Montreal Exchange under the symbol OSK.

A preliminary prospectus for a flow-through financing worth $1.6 million has yet to be approved by the exchange. The company intends to use the funds to finance work on four Quebec properties, including Payne Bay and St-Maurice (base metals), and Buttercup and Duncan properties (vanadium and gold, respectively).

• Even as Northern Canada Mines lists on the Vancouver Stock Exchange, the company is looking to amalgamate its interests and retreat to the private sector.

  The company, which trades under the symbol NML, is seeking approval from shareholders for a plan to buy them out and draw affiliates Atlantic Coast Copper, Key Anacon Mines, First Maritimes Mining and Hunter Brook Minerals back into the fold.

  Under the proposal, minority shareholders would receive $8.50 for each share held. Once the amalgamation is complete, the company would request that it be delisted from the VSE.

• McWatters Mining is also looking to recover some of its shares. The company has received permission from the exchanges in Toronto and Montreal to offer a normal course issuer bid for its shares. The buyback will last between Nov. 25, 1998, and Nov. 24, 1999. McWatters could recover a maximum of 3.4 million shares, which would then be cancelled, at regular market prices. The company trades under the symbol MCW on both exchanges.