NEWFOUNDLAND – The Ontario Superior Court has given its blessing to the sale of Canada Fluorspar Inc. (CFI) of St. John's to Golden Gate Capital of San Francisco. CFI is redeveloping the former fluorspar mines in St. Lawrence, NL.
The project includes reopening the old underground workings, expanding the existing mill, building a new environmentally sound tailings management facility, and constructing a new deep water marine terminal. Production is anticipated at between 120,000 and 180,000 t/y of fluorspar filter cake concentrate.
Golden Gate's offer was for all of the issued and outstanding CFI common shares at a price of $0.35 per share in cash. The arrangement is expected to close on May 29, 2014, and CFI shares will be delisted from the TSX.
Please see CanadaFluorspar.com.