Norman Burmeister, president of Bull Run Gold Mines (NASDAQ), recently sold all his shareholdings in the company to the Robinson-Prather Partnership.
The purchase price for Burmeister’s 1.284 million shares totalled US$1.284 million.
Robinson-Prather is the investment vehicle of Mack Robinson, the chairman of Delta Life Insurance, and Robert Prather, chairman of Phoenix Corp. The partnership also purchased 1,376,598 shares of treasury stock for a total of US$1.03 million.
Prather replaces Burmeister as president, and Robinson is now a director of the company.
Bull Run sold all its mining assets at the end of 1990, and unable to find any suitable investments, has sat on more than US$5 million in cash since. With the recent placement, the company has just over US$6 million in working capital, 10.5 million shares outstanding and no debt.
Gerald Agranoff, a director, said the company will aggressively look for new business opportunities and will no longer be focused exclusively on natural resources.
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