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Article: ECHO BAY ACQUIRES A MINORITY INTEREST IN ETRUSCAN ENTERPRISES AND AN OPTION TO ACQUIRE 44 PERCENT OF KOMA BANGOU IN NIGER
- Article from:
- PR Newswire
- Article date:
- May 10, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DENVER, May 10 /PRNewswire/ -- Echo Bay Mines Ltd. (Toronto; AMEX: ECO) has acquired a 14.5 percent interest in Etruscan Enterprises Ltd. (Vancouver: EET) and an option to acquire a 44 percent interest in the Koma Bangou gold deposit in Niger, West Africa from Etruscan.
Etruscan is currently the operator of the Koma Bangou joint venture. If Echo Bay elects to exercise its option, it will become the operator.
In a private placement completed today as part of a strategic alliance between the two companies, Echo Bay purchased 1,538,462 common shares of Etruscan for Cdn$2.60 per share or a total of Cdn$4.0 million in cash. This increased Echo Bay's equity interest ...