Printer Friendly

Nord Resources Corporation Announces Sale of Shares To MIL (Investments) S.A. for $10 million

DAYTON, Ohio, Nov. 25 /PRNewswire/ -- Nord Resources Corporation (NYSE: NRD) announced today that it has completed the sale of 2,000,000 shares of the Company's Common Stock to MIL (Investments) S.A., a Luxembourg company owned by Mr. Jean-Raymond Boulle, for a price of $10,000,000 ($5.00 per share). Including these shares, MIL owns 6,000,000 shares of the Company's Common Stock, representing 27.5% of the shares presently issued and outstanding.

Dr. Edgar F. Cruft, Chairman of the Company, commented, "The cash provided from this transaction will further strengthen Nord's ability to proceed with its 50% share of the funding necessary to reestablish the SRL rutile operations in Sierra Leone. We are pleased that Mr. Boulle continues to be encouraged by the progress being made with SRL, as is evidenced by this additional investment in the Company."

Representatives of the Company, its 50% partner in SRL (Consolidated Rutile Limited) and SRL have been discussing various topics with SRL's lenders, including an extension of the forbearance on debt payments beyond January 1, 1997, a restructuring of the terms of the existing indebtedness and the availability of additional funding from the lenders in conjunction with reopening the mine. The Company and its 50% partner in SRL are encouraged that necessary steps can be completed to enable SRL to begin rehabilitation of its mining facilities by mid-1997, with resumption of production targeted for late 1997 or early 1998.

SOURCE Nord Resources Corporation
 -0- 11/25/96


/CONTACT: Terence H. Lang, Senior Vice President-Finance, or Susan A. Baker, Director of Investor Relations, of Nord Resources Corporation 937-433-6307/

/Nord's press releases available through Company News On-Call by fax, 800-758-5804, ext. 626350, or at http://www.prnewswire.com/

(NRD)

CO: Nord Resources Corporation ST: Ohio IN: MNG SU:

TC-CK -- CLM002 -- 3813 11/25/96 13:52 EST http://www.prnewswire.com
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1996
Words:310
Previous Article:ValuJet to Begin Service to Dallas/Fort Worth, West Palm Beach and Fort Myers
Next Article:International Insights, Tips and Information for Travelers from WHERE Magazines International on AOL
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters