Citadel, which earlier this year suspended underground development operations at its Surluga gold property near Wawa, Ont., will retain a 50% interest in Citabar as the general partner. The other 50% interest will belong to Bernard Sherman, Citadel’s chairman and major shareholder.
The deal will allow Citadel to retire $8.5 million of debt, $2 million in debentures and about $1.5 million in dividends owing on preference shares and other obligations. The sale will also provide funds for continued exploration of existing properties.
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