Owner
Post by Franko10 ™ on Oct 9, 2004 18:48:58 GMT -5
Oct 8, 2004 5:25:44 PM
MONTREAL, Oct 08, 2004 (The Canadian Press via COMTEX) --
Forest Gate Resources Inc. has signed a deal to buy the Caribou and Restigouche mines in New Brunswick from Breakwater Resources Ltd.
Forest Gate said Friday it plans to combine the mines with its existing mineral properties in New Brunswick to form a new company - Blue Note Metals Inc. "Following this transaction and the spin out of Blue Note Metals, Forest Gate will be a pure Canadian diamond exploration company," said Michael Judson, president of Forest Gate and chairman of Blue Note Metals Inc.
Under the deal, Blue Note Metals will pay Breakwater Resources Ltd. 600,000 treasury shares and assume Breakwater's obligations under several existing agreements.
Blue Note will also become responsible for the environmental reclamation of the mines.
Breakwater Resources shares (TSX:BWR) closed unchanged at 58 cents on the TSX, while Forest Gate shares (TSXV:FGT) closed up half a cent at 18.5 cents on the TSX Venture Exchange.
The online source for news sports entertainment finance and business news in Canada
Copyright (C) 2004 The Canadian Press (CP), All rights reserved
MONTREAL, Oct 08, 2004 (The Canadian Press via COMTEX) --
Forest Gate Resources Inc. has signed a deal to buy the Caribou and Restigouche mines in New Brunswick from Breakwater Resources Ltd.
Forest Gate said Friday it plans to combine the mines with its existing mineral properties in New Brunswick to form a new company - Blue Note Metals Inc. "Following this transaction and the spin out of Blue Note Metals, Forest Gate will be a pure Canadian diamond exploration company," said Michael Judson, president of Forest Gate and chairman of Blue Note Metals Inc.
Under the deal, Blue Note Metals will pay Breakwater Resources Ltd. 600,000 treasury shares and assume Breakwater's obligations under several existing agreements.
Blue Note will also become responsible for the environmental reclamation of the mines.
Breakwater Resources shares (TSX:BWR) closed unchanged at 58 cents on the TSX, while Forest Gate shares (TSXV:FGT) closed up half a cent at 18.5 cents on the TSX Venture Exchange.
The online source for news sports entertainment finance and business news in Canada
Copyright (C) 2004 The Canadian Press (CP), All rights reserved
