NEWS ROUNDUP — RTZ completes Rio Algom offering

British mining conglomerate Rio Tinto Zinc, through subsidiary RTZ Canada, recently completed a secondary offering of 22.5 million common shares of Toronto-based Rio Algom (TSE), priced at $16.10 per share.

Underwritten by a syndicate led by Gordon Capital, the offering follows RTZ’s recent decision to sell its 51.4% interest in Rio Algom to avoid competition with RTZ’s wholly owned Kennecott unit.

The offering is being made on an instalment basis which includes an initial payment of $5.40 per share. Subsequent instalments of $5.40 and $5.30 per share are due July 25, 1993, and June 23, 1994, respectively. Registered holders of instalment receipts are entitled to participate fully in dividends and to vote at Rio Algom shareholders’ meetings.