Following a successful takeover bid, NCG Acquisition, a unit of Hughes Lang (VSE) and its 53% owned subsidiary Orofino Resources (TSE), has acquired about 51% of the outstanding shares of Nova-Cogesco Resources (TSE).
As a result of the takeover, two new directors have been appointed to Nova-Cogesco’s board, and the company’s head office has been relocated to Vancouver from Montreal.
In other news, Nova-Cogesco has made an offer to purchase about 19% of the outstanding shares of Equity Reserve (TSE), a Vancouver-based company that invests in securities of Canadian resource companies.
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