An offer by Trimin Resources (VSE) to purchase up to 2.2 million of its common shares at a cash price of $2 per share expired with only 556,657 shares tendered. After taking up these common shares, Trimin will have 4.56 million shares issued and outstanding.
Trimin recently sold its 32.9% interest in the Hanson Lake polymetallic project in Saskatchewan to Billiton Resources Canada for $17.5 million. A portion of the after-tax proceeds were allocated for the share buyback.
Trimin is now managed by its largest shareholder, the Equity group of companies. The Equity group and other principal shareholders (holding about 34% of Trimin) agreed not to tender their shares to the buyback offer.
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