Muscocho agreements

At a recent public hearing, the Ontario and Alberta securities commissions ruled that Muscocho Explorations (TSE), Flanagan McAdam Resources (TSE) and McNellen Resources (TSE) be exempted from issuer bid provisions in their refinancing agreements with Echo Bay Mines (TSE). The Quebec Securities Commission also granted the companies’ applications for similar exemptions. At recent annual meetings of the three junior companies, 99% of the minority shareholders of Muscocho and Flanagan McAdam Resources and 92% of the minority shareholders of McNellen Resources approved the agreements with Echo Bay which call for the latter company to take over as operator at the Magino and Magnacon gold mines in northern Ontario.