Tombill Mines is making an offer to buy back all of its outstanding class A voting shares and class B non-voting shares at $3.05 per share. The offer will be made through the facilities of The Toronto Stock Exchange on March 11.
Minorco Canada has already agreed to sell Tombill its 588,975 class A shares and 1,329,425 class B shares of Tombill. Minorco has entered into this agreement with Tombill to divest itself of what it considers a non-strategic asset.
S.R. Horne, president of Tombill, who owns or controls about 59% of the company’s class A shares and 19% of the class B shares, has advised Tombill that he will not tender any of his shares under this offer.
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