November 27, 2012 / 8:16 AM / 5 years ago

Russia's Nord Gold to own 87.9pct of High River after offer

MOSCOW, Nov 27 (Reuters) - 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.

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