Forbex-Cambior deal

Close to earning a 50% interest in the Stadacona-East property near Rouyn-Noranda, Que., from Forbex Inc., (ME) is Cambior Inc. (TSE).

Under an agreement signed in June, 1987, Cambior earned the right to acquire the 50% interest by spending $2 million on exploration work and by subscribing for 160,000 shares of Forbex at 75 per share, 100,000 shares at $1 each, and 100,000 shares at $1.25 each, for a total share-purchase amount of $345,000.

While Cambior has spent the $2 million on exploration work, it has to date subscribed for 260,000 shares of Forbex for a total amount of $220,000.