TORONTO TIMMINS INVESTMENT LTD. has agreed to issue 6 million common shares of TIMMINCO LTD. for $1.10 each to SAFEGUARD INTERNATIONAL FUND. Safeguard has also agreed to purchase up to 4 million more shares from other shareholders and will nominate four of the seven Timminco directors.
Timminco needs such as investment to support its magnesium, calcium and strontium business. The company owns and operates a fully-integrated magnesium plant about 100 km west of Ottawa. It mines dolomitic limestone and treats it by calcination, reduction, refining and casting into ingots. There is also a secondary extrusion and anode fabrication facility. The company has an ISO-certified metal reduction and casting plant 50 km further west at Westmeath, Ont. Timminco's expertise lies in speciality magnesium metals and alloys cast to specific shapes and sizes. Its product line also includes strontiuim-aluminum alloys, Cal-Al and Mag-Cal products, calcium metal, particulated calcium, and aluminum granules.
Contact Timminco VP and CFO Rodney Gloss in Denver, Colo., at 303-343-8667.