Nordgold Ups Stake in High River Gold Mines to 97.9 Percent

Nordgold NV (LSE:NORD) announced that it acquired 77,776,721 shares of High River Gold Mines Ltd. (TSX:HRG), brining the total number of High River shares it owns up to 822,667,242. That amounts to about 97.9 percent of High River’s issued and outstanding shares.

As quoted in the press release:

Nordgold plans to acquire all High River shares not tendered to the Offer and is currently assessing which transaction structure will be used to do so. Consideration payable under any such transaction will be identical to the consideration offered under the Offer. If it is determined that a shareholder-approved transaction will be undertaken, based on the number of shares acquired under the Offer, Norgold will have enough votes to approve the transaction without requiring the support of any other High River shareholders.

Click here to read the full Nordgold NV (LSE:NORD) press release.