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The Canadian Press - ONLINE EDITION
Orezone to consolidate Brighton Energy unit by buying minority shares
OTTAWA - Orezone Gold Corp. (TSX:ORE) says it plans to strike a nearly $14 million share swap deal to buy out minority shareholders of its 67 per cent owned uranium subsidiary Brighton Energy Corp.
Under Tuesday's announced deal, Orezone will pay $2.75 a share for the five million Brighton shares it does not own.
That values the swap at about $13.8 million.
After the deal closes, Orezone will own 100 per cent of Brighton and will continue to finance the exploration programs currently underway in Niger, a uranium-rich country in west Africa.
Besides its Brighton unit, Orezone mines for gold in Burkina Faso, West Africa.
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