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Article: MFC Bancorp Ltd. Announces Acquisition of Banff Resources.
- Article from:
- Business Wire
- Article date:
- August 8, 2002
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Business Editors
NEW YORK--(BUSINESS WIRE)--Aug. 8, 2002
MFC Bancorp Ltd., (the "Corporation") (Nasdaq:MXBIF) (Frankfurt Stock Exchange:MFC GR) today announced that the corporation acquired for nominal consideration, by way of private agreement, 55,210,984 common shares (the "Common Shares") in the capital of Banff Resources Ltd. ("Banff") representing approximately 85.3% of the issued and outstanding common shares. The company currently does not plan to acquire any further shares of Banff at this time.
Banff is the majority shareholder of the Kasese Cobalt Co. Ltd. ("KCCL"), a cobalt refinery located in Southwest Uganda. MFC will work with the ...