June 9, 2014 / 12:32 PM / 3 years ago

Russia's Nord Gold to acquire 22.3 pct in Northquest

1 Min Read

MOSCOW, June 9 (Reuters) - Russian gold miner Nord Gold said on Monday it has agreed to acquire 22.3 percent in Canada's Northquest for 2.5 million Canadian dollars ($2.3 million).

It said it will acquire an aggregate of 12,777,777 newly issued Northquest shares and warrants to acquire up to an additional 6,388,889 common shares.

Northquest is the owner of the Pistol Bay Gold Project, a high grade exploration project located in Nunavut Territory, northern Canada, on the west coast of Hudson Bay.

$1 = 1.0917 Canadian Dollars Reporting by Vladimir Soldatkin

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