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China’s Baosteel to buy stake in Canadian nickel explorer Noront
May. 04, 2011 06:39AM PST
Base Metals Investing Platts reports that Baosteel Group Resources has agreed to invest at least $18.2 million for a 9.9% stake in Noront Resources (CVE:NOT).
Platts reports that Baosteel Group Resources has agreed to invest at least $18.2 million for a 9.9% stake in Noront Resources (TSXV:NOT).
The market news is quoted as saying,
The investment will allow Baosteel to nominate a person to Noront’s board of directors and to increase its stake to 19.9% for one year starting April 18, 2012. The companies have agreed on a standstill provision that expires on April 18, 2013.