A cease-trading order against Borealis Exploration (ASE) has been lifted by the Ontario Securities Commission (OSC) which will allow the junior to buy back more than 576,000 of its own common shares (an approximate 20% interest) from four mutual funds. Borealis will not have to make the same offer to all company shareholders under the special OSC ruling.
The OSC also decided an independent valuation is not required for a transaction involving Noble Peak Resources (ASE). Borealis will sell its option to earn a 50% interest in the Happy Lake gold and base metal property southwest of Rankin Inlet, N.W.T., where Noble Peak is the operator; in return for the option, Borealis will receive 500,000 shares of Noble Peak.
The Noble Peak shares, and more than 772,000 shares of Faraway Gold Mines (VSE), will be conveyed by Borealis to the four mutual funds, which are managed by an Ottawa, Ont., firm.
Nobel Peak President Maureen Jensen said the transfer of the 500,000 shares to the funds will cut the last corporate tie of her company with Borealis. The Happy Lake property was last worked in 1988.
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