The long awaited news:
Dynatec to become major shareholder in Highwood Resources
Highwood Resources Ltd HWD
Shares issued 21,811,459 Aug 13 close $0.70
Mon 16 Aug 99 News Release
See Dynatec Corp (DY) News Release
Mr. W. Robert Dengler reports
PricewaterhouseCoopers, the interim receiver for Royal Oak Mines Inc., has accepted the Dynatec offer for the Royal Oak interest of approximately 35 per cent in Highwood Resources Ltd., conditional upon court approval and execution of formal documentation of sale agreeable to both parties. The Dynatec offer is for 7,730,852 voting common shares of Highwood at a price 78.8 cents per share in cash.
W. Robert Dengler, president and chief executive officer of Dynatec Corporation, said: ?Our investment, in excess of $6-million, is consistent with Dynatec?s strategic initiative to acquire an interest in high value industrial minerals operations and companies. There are significant benefits and that should accrue to Highwood by having Dynatec as a major shareholder. We can bring Dynatec?s skills in metallurgy, mining, and drilling, as well as specialized equipment to complement Highwood?s industrial minerals capabilities ant to help achieve its development and expansion objectives.?
Garry W. Lynkowski, president and chief financial officer of Highwood, said: ?We welcome Dynatec as both a major and an active shareholder to Highwood. We look forward to the resulting synergies occurring between Dynatec and Highwood which would ultimately benefit the shareholders of both companies.?
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