NEWS ROUNDUP — Pentland acquires Kinross properties

Shareholders of Pentland Firth Ventures (ASE) have approved the acquisition of 13 non-producing mineral properties from Kinross Gold (TSE).

Under the deal, Pentland also has the right to participate in 10 other properties that Kinross holds under option from Falconbridge (TSE). All of the properties are in Ontario.

In consideration for these properties, Kinross received about 3.6 million Pentland shares valued at 95 cents each, for an aggregate acquisition price of $3.43 million. Kinross retains the right to back in for a 50% interest, and to be the operator of any deposits found, upon completion of positive feasibility studies.

In addition, Kinross has purchased an aggregate of 675,000 Pentland shares from four of Pentland’s principal shareholders; 600,000 of the shares are subject to an escrow agreement.