Great Lakes Nickel may have new owner

Sale of the controlling interest of Great Lakes Nickel (TSE) to an unidentified resources company may be imminent.

President Dennis Wood, speaking at the annual meeting, said a deal, which was to close June 1, now has a June 30 closing date. A numbered company, 153078 Canada, owns about 49.7% (2.6 million shares) of Great Lakes, and it is that holding which would be sold.

Three Great Lakes directors — Wood, David Aello and Ronald Capponi, each with a one-third interest — own 153078, the numbered company having purchased the Great Lakes shares from Swedish company Boliden AB in 1987.

The main mining interest of Great Lakes is its Pardee Twp. copper-nickel property located near Thunder Bay, Ont., on which the company suspended acitvities in 1974. Reserves at the property stand at 45.6 million tons grading 0.33% copper and 0.18% nickel.

An option on the Pardee property acquired in 1986 by Fleck Resources (VSE) was dropped earlier this year. Fleck was reported to have an interest in uncovering platinum group metal values on the property.

For 1987, Great Lakes reported working capital (cash and short term deposits) of slightly more than $1 million.

In addition to purchasing controlling interest in Great Lakes, the unnamed buyer would acquire a $1 million promissory note from the company to Boliden signed in 1986.