Fifty senior managers at Noranda (TSE) have sold 1.6 million common shares at $20.50 per share through the Toronto Stock Exchange to raise $32.8 million. They used about $30 million of the proceeds to repay loans they had received from Noranda to buy the stock.
The same managers were granted 5-year options to buy about 1.3 million common shares of Noranda at $20.50 per share.
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