The controlling shareholder of Societe Miniere Louvem (TSE), Noranda Minerals, wants to sell its block of 11,474,000 Louvem shares to the highest bidder.
In August 1989, Noranda acquired an interest in Louvem, co-owner of the Louvicourt base metal deposit near Val d’Or, Que.
Late last year, Louvem’s 45% interest in the Louvicourt deposit was spun off into a new company, Novicourt (TSE), which is 57% controlled by Noranda. Under the reorganization, Louvem retained a portfolio of Quebec gold and base metal exploration properties.
A Noranda spokesman said that because the company no longer has an interest in Louvem’s properties, it is disposing of its 54% interest. Bids for the shares will be accepted by 5 p.m. on April 13. Louvem has an issued capital of 21,199,523 shares.
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