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Severstal Increases Stake in High River Gold Mines
08/31/2011 - OAO Severstal subsidiary Nord Gold N.V. acquired 12,065,300 additional common shares of High River Gold Mines Ltd. last week at a price of CAD$1.29 per share in an over-the-counter transaction from a non-Canadian seller.
OAO Severstal subsidiary Nord Gold N.V. acquired 12,065,300 additional common shares of High River Gold Mines Ltd. last week at a price of CAD$1.29 per share.
The securities acquired pursuant to the Transaction represent ownership and control of approximately 1.44% of the issued and outstanding Common Shares as of August 25.
Following the transaction, Severstal will have beneficial ownership and control over 630,627,472 common shares of High River Gold Mines, representing approximately 75.06% of the issued and outstanding common shares.
Severstal said it executed the additional acquisition of common shares — an over-the-counter transaction outside of Canada from a non-Canadian seller — to increase its ownership position.
OAO Severstal is one of the world's largest vertically integrated steel and mining companies with assets in Russia and other CIS, USA, Europe and Africa. Severstal reported revenue of $13,573 million and EBITDA of $3,263 million in 2010. Severstal's crude steel production in 2010 reached 14.7 million tonnes.
Nord Gold, which includes all Severstal's gold mining assets, is an established international, pure-gold producer focused on emerging markets with currently eight producing mines, two development projects, five advanced exploration projects and a broad portfolio of early exploration projects and licenses located across West Africa in Guinea and Burkina Faso, Kazakhstan and the Russian Federation.
