Printer Friendly

METALL TO DISPOSE OF CERTAIN TECK SHAREHOLDINGS

 METALL TO DISPOSE OF CERTAIN TECK SHAREHOLDINGS
 TORONTO, Nov. 5 /PRNewswire/ -- Metall Mining Corporation announced


today a secondary offering of 5,000,000 Class B subordinate voting shares of Teck Corporation. Following the completion of the offering, Metall will beneficially own, directly or indirectly, 5,021,910 Class B subordinate voting shares of Teck and 1,511,000 Class A common shares of Teck.
 The offering will realize proceeds for Metall, before commissions and expenses of the issue, of $93,750,000. The underwriting is being co-lead by Gordon Capital Corporation and Burns Fry Limited.
 The offering will provide Metall with the remaining funds required to finance the $136.6 million cost of acquiring the controlling interest of Minnova Inc. The Minnova acquisition continues with Metall's transition to an operating company. Minnova Inc. owns a 60 percent interest in Izok Lake zinc property in the Northwest Territories and a 100 percent interest in the Winston Lake mine in Ontario.
 Dr. Klaus Zeitler, president and chief executive officer of Metall, said that the transaction benefits Metall by providing financing for its acquisition of its operating subsidiary, Minnova Inc. and at the same time allows Metall to retain a significant voting and equity interest in Teck which remains a key strategic investment for the company.
 The transaction is subject to the usual regulatory approvals.
 Metall is a Canadian-based international mining company with significant interests in copper, zinc, lead, gold, silver and industrial mineral operations and properties in North America, Europe and the Pacific rim.
 -0- 11/05/92
 /CONTACT: H. Douglas Scharf, Suite 2812, Toronto-Dominion Bank Tower, P.O. Box 19, Toronto-Dominion Centre, Toronto M5K 1A1 416-361-6400/ CO: Metall Mining Corporation; Teck Corporation ST: Ontario IN: MNG SU: OFR


SM -- NY065 -- 3051 11/05/92 11:35 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:296
Previous Article:HARRIS NAMES LAURENCE S. LIEBSON VICE PRESIDENT-GENERAL MANAGER OF ELECTRONIC DESIGN AUTOMATION DIVISION
Next Article:SEARS COMMERCIAL INSTALLATION SERVICES NAMES ARKEDER ASSOCIATES, INC. TO HANDLE MARKETING
Topics:


Related Articles
METALL MINING REPORTS NINE-MONTH RESULTS
METALL MINING COMPLETES PURCHASE
METALL MINING REPORTS SIX-MONTH RESULTS
METALL MINING REPORTS SIX-MONTH RESULTS
METALL MINING REPORTS SIX-MONTH RESULTS
METALL MINING REPORTS NINE-MONTH RESULTS
METALL MINING CORPORATION ACQUIRES 273,500 SHARES OF TECK CORPORATION
METALL MINING ANNOUNCES SECOND QUARTER RESULTS
DR. KLAUS GOECKMANN APPOINTED AS CHAIRMAN OF METALL MINING CORPORATION, TORONTO
Zemex Intentions Uncertain

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters