TransactionsDuluth Metals Enters Into an Agreement to Acquire Franconia Minerals for $76 MillionPublished: 12/20/2010 On December 20, 2010, Duluth Metals Limited and Franconia Minerals Corporation entered into an arrangement agreement pursuant to which Duluth will acquire 100% of the outstanding common shares in the capital of Franconia by way of a plan of arrangement under the Business Corporations Act (Alberta). Franconia's principal assets are a 70% interest in the Birch Lake, Maturi and Spruce Road deposits in northeastern Minnesota through the Birch Lake Joint Venture. As a result of the Transaction, Franconia's assets are expected to be rolled into Twin Metals Minnesota LLC, a Duluth (60%) and Antofagasta PLC (40%) joint venture which includes the Nokomis deposit, one of the world's largest undeveloped deposits of copper, nickel and precious metals. Cassels Brock is acting for Franconia. |