NEWS ROUNDUP — Dundee to reduce company’s holdings

In connection with an issuer bid by its subsidiary DCC Equities to its minority shareholders, Dundee Bancorp (TSE) plans to reduce its direct and indirect investments in Black Hawk Mining (TSE), Breakwater Resources (TSE), CS Resources (TSE) and Devran Petroleum (TSE).

With the issuer bid, about 9.5 million shares of Black Hawk, 13.1 million shares of Breakwater, 4.7 million shares of CS Resources and 4.7 million shares of Devran will be distributed in a private transaction to minority shareholders of DCC.

The transaction will close when Bancorp completes its takeover bid for the outstanding shares of Dundee Capital (TSE).

After the transaction, Bancorp will hold about 1.8 million shares of Black Hawk (8.4%), 31.7 million shares of Breakwater (21.7%), and 804,000 shares of CS Resources (6.6%). The company will no longer hold any shares of Devran.