Toronto-based Northgate Exploration (TSE) has increased its stake in Audrey Resources (TSE) from 20% to 28% by acquiring a block of 850,000 common shares from NIM and Co. Ltd. and CMP Resources Partnership.
“Northgate’s acquisition of the Audrey shares from CMP and NIM eliminates the substantial pressure to sell that the two mining funds are exerting on the whole of the mining industry,” said Audrey President Guy Hebert. Northgate paid an average $2.51 for the shares.
After a number of flow-through financings in 1987 CMP and NIM previously held more than two million Audrey shares. The shares were sold over a number of months on the stock markets and through private transactions.
Production at Audrey’s Mobrun polymetallic mine near Rouyn- Noranda, Que., has been halted while the company builds a $14 million milling facility.
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