Shareholders approved the amalgamation of Noramco Mining, Emerald Lake Resources and Highland Crow Resources at a meeting held in Vancouver recently. The purpose of the merger was to combine the exploration, financial and marketing expertise of Noramco with the resources of Emerald Lake and Highland Crow.
Noramco is a mining finance house whose principal business has involved financing natural resource companies through direct equity investment or loans to such companies. Generally, Noramco managed the exploration and development programs conducted on the natural resource properties of these companies.
These activities were carried on through a subsidiary, Noramco Explorations, which to date has incurred about $60 million in expenditures.
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