Turned into a mining house with no direct gold production of its own, Pamour Inc. looks like it is about to be transformed completely into a holding company.
Pamour’s Australian parent, Giant Resources, which currently has a 51% stake in Pamour through a subsidiary, has signalled its intention to acquire 100% of the shares of the Canadian firm. Giant is offering $10 per share for the 5.8 million shares it does not own. (Pamour has about 11.9 million shares outstanding.)
Trading in Pamour shares was halted on the Toronto Stock Exchange for a day following a jump of $1.50 in the price of the stock, to $8.25. During the past year the stock has traded as high as $17.25 and as low as $6.
Pamour’s former mining properties at Timmins are under the control of Giant Yellowknife Mines, in which Pamour has a 41.8% interest. Giant Yellowknife mines gold both at Timmins and in the Northwest Territories.
Other companies Pamour has an interest in are ERG Resources, which is building a gold tailings retreatment facility at Timmins, and Pamorex Minerals, the exploration arm of the Pamour group which has a 50% interest in the producing Bell Creek mine near Timmins.
In Australia, Giant Resources recently gained a new parent in the form of Ampol Ltd., which is 80% owned by Pioneer Concrete Services.
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