Pamour selling stake in Canadian Arrow

In the midst of a corporate restructuring, Pamour Inc. (TSE) is selling its 46.4% interest in Canadian Arrow Mines (TSE) to First Toronto Capital, a merchant banking company.

Shareholders of Canadian Arrow were told at the annual meeting the deal could be completed by the end of July. President of Canadian Arrow is Anthony Ransom, who also serves as Pamour’s vice- president exploration.

Canadian Arrow had about 3.56 million shares outstanding at the end of May. Its stock was recently trading in the 50} range. The company recorded a deficit of almost $680,000 at the end of 1987.

Relatively inactive the past few years, Canadian Arrow at the end of 1987 signed an agreement with Nuinsco Resources (TSE) whereby the latter may acquire a 51% interest in Canadian Arrow’s Dogpaw Lake property in northwestern Ontario by spending $750,000 on exploration work by Dec 31, 1989.

Ransom said a program of surface work and drilling was under way on the property in March. Exploration work worth $250,000 has been committed for 1988.

Six km to the east, Nuinsco and project partner Echo Bay Mines (TSE) are involved in an underground exploration program on the Cameron Lake gold property.

Among Canadian Arrow’s other interests are six claims in Hislop Twp. in northern Ontario which have been leased (a 20-year deal signed in 1980) to Pamour. Canadian Arrow is also the controlling shareholder in Slocan-Rambler Mines (1947), which has silver, lead and zinc properties in the Kootenay district of British Columbia.

Major shareholders of First Toronto are two Australians, John Byrne and Chrisilios Kyriakou, who until early this year sat on Pamour’s board of directors.

Controlling shareholder of Pamour, which is being turned into a holding company, is Giant Resources of Australia.