A control position in Mt. Grant Mines (VSE) was recently purchased by Robert Friedland, best known for his management of Galactic Resources during the buoyant 1980s.
Friedland purchased more than 2.7 million shares, representing a 53% interest in the company, from five shareholders for an undisclosed price. The company has received shareholder and regulatory approval for the change in control.
Mt. Grant plans to focus its activities on the acquisition and exploration of promising mineral properties in South America.
The company recently reached an agreement with a group of Venezuelan nationals to acquire an initial 50% interest in certain mineral concessions in Venezuela for 500,000 treasury shares plus property expenditures of US$400,000.
Mt. Grant has the option to acquire the remaining 50% interest in the property by spending a further US$750,000 and issuing an additional 1.5 million shares.
On the completion of the change in control, the company may also acquire a 50% interest in a Honduran mineral property from a company controlled by Friedland in return for 400,000 treasury shares.
Be the first to comment on "Friedland acquires Mt. Grant control"