MOSCOW Nov 27 Russia's Nord Gold
will increase its ownership of Toronto-listed subsidiary High
River Gold to 87.9 percent under a share offer that
could boost its free float and take it a step further to a
premium London listing.
The country's third-largest gold producer, controlled by
billionaire Alexei Mordashov, said in July it would bid for the
25 percent of High River it does not already own. The minorities
were offered 0.285 of Nord Gold's GDRs per High River share or
C$1.40 in cash.
Nord Gold said on Tuesday that 108 million shares of High
River had been taken up under the offer, meaning Nord Gold will
own 739 million shares of High River, representing 87.9 percent.
It is extending the offer to December 8 to allow remaining
High River shareholders time to tender their shares.