First Toronto to amalgamate with Westray

Plans to merge First Toronto Capital and Westray Mining have been announced, with the president of Pamour Inc., Clifford Frame, to become the new company’s chairman.

First Toronto is a merchant banking company with investments in Canada, the U.S. and Australia, while Westray, a holding company, is the controlling shareholder in Curragh Resources, which operates a lead-zinc mine at Faro, Y.T.

Frame is the controlling shareholder in Westray.

Under the arrangement, shareholders of First Toronto will own 40% of the equity of the new company through ordinary shares. Westray shareholders will own the remaining 60% through multiple- voting shares.

The amalgamation is subject to approval by the minority shareholders of First Toronto, and regulatory approval.

The president of First Toronto is Chrisilios Kyriakou. Both he and First Toronto director John Byrne were recently ousted from the board of directors of Pamour.

First Toronto has a 57% interest in Walhalla Mining of Australia, a former parent firm of Pamour. Through Walhalla, First Toronto has investments in gold, diamonds, asbestos, and oil and gas production and developments.

Curragh produced 533,000 tonnes of lead and zinc concentrates in 1987, ranking it among the largest suppliers of these metals to world markets. While Westray has a controlling interest in Curragh, Giant Resources of Australia, the parent firm of Pamour, has a 46% interest in the lead-zinc producer.