Avnel Gold shareholder Fern sells shares to Iamgold |
| Stockwatch.com - Jun 6, 2011 |
DIORITE SECURITIES LIMITED AS TRUSTEE OF THE FERN TRUST ("FERN TRUST") ANNOUNCES DECREASE IN HOLDINGS IN AVNEL GOLD MINING LIMITED
On June 2, 2011, Fern Trust, a family trust for the benefit of the family of Howard B. Miller, the chairman and chief executive officer of Avnel, entered into an agreement with Iamgold Corp. pursuant to which Fern Trust agreed to sell five million ordinary shares of Avnel Gold Mining Ltd. to Iamgold, on a private basis using an exemption from the prospectus requirements, for aggregate disposition proceeds of $3.3-million (66 cents per share). The closing of the share sale is expected to occur on or about June 15, 2011.
After the closing of the sale, Fern Trust will hold a total of 33,602,022 ordinary shares, representing approximately 17.5 per cent of the total issued and outstanding ordinary shares of Avnel. Assuming Fern Trust exercised the warrants of Avnel it holds, it would hold approximately 23.6 per cent of the total issued and outstanding ordinary shares of Avnel.
Fern Trust may from time to time, depending on market and other conditions, increase or decrease such holdings of ordinary shares or other securities of Avnel, however, at this time, the Fern Trust has no intention of disposing of further shares of Avnel. The Fern Trust welcomes Iamgold's expression of confidence in Avnel's Kalana and Fougadian projects in southwest Mali which are the subject of options to enter into joint venture agreements between Iamgold and Avnel.
Read Full Article from Stockwatch.com
- Posted: 2011-06-14 16:35:59
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