Local News

Hudbay Supports the Sale of VMS Ventures Shares.

 

 Hudbay has announced it has entered into a voting and support agreement with Royal Nickel Corporation.  It has agreed to vote in favor of Royal Nickel’s proposed offer to acquire all of the issued and outstanding common shares of VMS Ventures which holds a 30 percent interest in the Reed Mine near Flin Flon with Hudbay holding 70 percent and is the operator. Hudbay currently owns almost 17.6 million common shares of VMS.

             

Under the terms of the arrangement VMS shareholders would receive an aggregate of 36 million common shares, approximately 3.5 million dollars Canadian cash and the payment of a dividend in kind of approximately 29.98 million North American Nickel common shares currently held by VMS.

             

Royal Nickel states this transaction would immediately transform their company into a nickel, copper and gold producer consistent with its strategy to become a multi asset mining company adding Reed Mine has a strong operating team that will remain intact following the transaction.

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