Very interesting news:
Franco-Nevada acquires Inco class VBN shares
Inco Ltd
N
Shares issued 166,052,295
1998-10-15 close $16.05
Friday Oct 16 1998
See Franco-Nevada Mining Corp Ltd (FN) News Release
Mr. Seymour Schulich reports
Franco-Nevada Mining Corporation through three private transactions has agreed
to pay $50.4-million to acquire 6,576,173 class VBN Inco shares for 6,576,173
shares or 25.4 per cent of the class of shares. The transactions will occur through
the facilities of the Toronto Stock Exchange. Franco-Nevada has acquired the
class VBN Inco shares for investment purposes. However, Franco-Nevada will
review its holding from time to time and may increase or decrease its position as
future circumstances dictate. The class VBN Inco shares represent an effective 25
per cent net profits interest in the Voisey's Bay nickel project. This purchase
provides Franco-Nevada an effective 6.3 per cent net profits interest in the overall
performance of the Voisey's Bay project and all future discoveries.
The Voisey's Bay project has a 100 per cent interest in mineral licences covering
an area of approximately 2,059 square kilometres or over 500,000 acres in
Labrador. To date, 31.7 million tonnes of proven open pit reserves grading 2.83
per cent nickel, 1.68 per cent copper and 0.12 per cent cobalt have been
established at the original discovery known as the Ovoid. Further resources have
been outlined which could be amenable to underground mining. The current total
resource estimate, inclusive of reserves, stands at 124.4 million tonnes. The
project is operated by Inco Limited and exploration is continuing along with
environmental permitting for a mine, mill and related facilities at Voisey's Bay.
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