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Nord Gold N.V. (“Nord Gold”) (formerly Severstal Gold N.V. (“Severstal Gold”)), a subsidiary of OAO Severstal (LSE: SVST; RT CHMF), announced that it has terminated its agreement with Sacre-Coeur Minerals, Ltd. (“SCM”) to acquire 100% of the issued and outstanding common shares of SCM that it does not already own.
As disclosed on September 23, 2010, Severstal Gold purchased 3,900,000 common shares of SCM at an average price of CAD$1.5444 per Common Share for a total cost of $6,023,160.00 on September 22, 2010. Following this transaction, Nord Gold and its subsidiaries had ownership and control over 7,751,500 Common Shares, representing approximately 19.67% of the issued and outstanding Common Shares as at September 24, 2010. The additional acquisition of Common Shares on September 22, 2010 was effected to increase Severstal’s beneficial ownership position in SCM. Severstal Gold entered into a binding agreement with SCM to acquire 100% of the issued and outstanding Common Shares that it did not already own, at a price of CAD$1.60 per Common Share, which agreement was terminated by Nord Gold in accordance with its terms as of February 11, 2011. |
