Boliden sells Yukon properties to Expatriate Resources Ltd.
TORONTO, March 4 /CNW-PRN/ - Boliden Limited announced today that its Boliden Westmin (Canada) Limited subsidiary has entered into a definitive agreement with Expatriate Resources Ltd. For the sale of Boliden's Finalyson Lake District, Yukon, mineral properties in return for 4,750,000 Expatriate Resources common shares issued from treasury. Under the agreement, 3,750,000 common shares will be issued on closing, with the balance issuable thereafter on Boliden's request.
Expatriate Resources is a mineral exploration and development company listed on the Vancouver Stock Exchange. Closing of the agreement, currently anticipated for March 18, 1999, is subject to the approval of the VSE and certain other closing conditions.
After given effect to this transaction, Boliden through its subsidiaries will beneficially own an aggregate of 7,950,500 Expatriate Resources common shares (including the 1,000,000 shares issuable after closing).
Boliden has acquired the Expatriate Resources common shares for investment purposes and has agreed, subject to certain exceptions, to hold 6,950,500 Expatriate common shares for a period of three years after closing.
SOURCE: Boliden Limited
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