Toronto-based holding company Westfield Minerals (TSE) recently increased its stake in Northgate Exploration (TSE) to about 15% from 10%. Having recently purchased 1.4 million common shares of Northgate for an average of $1.25 pershare, Westfield now holds 3.5 million shares of the company.
According to Westfield, the purchases were made to increase its investment in Northgate and it may add to its position in the future. However, Westfield also says it does not intend to make a formal takeover offer at this time.
Northgat share trade recentl a $1.2 i 52-wee rang o $1.15-8.63.
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