Noranda spins off assets

Acting on the approval of its shareholders, Noranda (NOR-T) has spun off its non-mining assets.

For each share of Noranda owned at the end of Dec. 30, 1998, shareholders will receive: one new Noranda share; 0.436 of a Nexfor (NF-T) (formerly Noranda Forest) share; and 0.25 of a Canadian Hunter Exploration (HTR-T) share.

Existing share certificates representing Noranda shares will continue to represent shares in the new Noranda. Share certificates representing ownership of Nexfor and Canadian Hunter shares, together with a cash payment for any fractional share of Nexfor, were mailed in early January. Toronto-based EdperBrascan (EBC-T) now owns 40% of Noranda, 40% of Canadian Hunter and, along with associated companies, about 31% of Nexfor.