Russia's Severstal, one of the world's leading steel and mining companies, is increasing its share in Canadian gold mining company High River Gold (HRG) to 72.64 percent from 70.38 percent, Severstal said on Tuesday.
The company said in a statement that its subsidiary Nord Gold N.V., formerly Severstal Gold N.V, had reached an agreement on the acquisition of 19 million shares, or a 2.26 percent stake in High River Gold Mines, at a price of $1.037 per share.
Severstal expects the transaction to be closed on October 18, the company said.
In August, Severstal, which had previously announced an intention to acquire 100 percent of HRG, purchased nearly 40.7 million ordinary shares in HRG for approximately $25.1 million, increasing its stake to 70.38 percent.
MOSCOW, Oct 12 (RIA Novosti)
