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Severstal announces increase in shareholding of Crew Gold Corporation

Steel News - Published on Wed, 15 Sep 2010

OAO Severstal announced an increase in its shareholding of Crew Gold Corporation and further operational data for its gold business.

Severstal has signed a binding agreement for the purchase of Endeavour Financial Corporation’s entire stake in Crew Gold of 46,203,403 common shares at a price of USD 4.65 per share. Following the Transaction, Severstal Gold NV a subsidiary of Severstal, will own 99,845,011 Common Shares, representing approximately 93.38% of the issued and outstanding Common Shares.

Closing of the Transaction is anticipated to occur not later than September 17th2010. Crew Gold operates the LEFA mining project in Guinea, West Africa. Severstal first acquired an interest in Crew Gold in February 2010.

Posted By : admin on Wed, 15 Sep 2010
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