Rockford Minerals (TSE) has acquired a 48% interest in Tyranex Gold (COATS) under the terms of a takeover bid. Tyranex shareholders tendered 652,900 shares to Rockford on the basis of one common share of Rockford and 10 cents for each Tyranex share. Tyranex’ main asset is a majority interest in the Tyranite gold prospect in Ontario.
The cash component of the offer was funded from the proceeds of a rights offering completed by Rockford. Cash from the rights issue was also used to pay off debt owing to Northfield Minerals (ASE).
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