Vancouver’s Quadra FNX Mining Ltd. (TSX:QUX) has boosted its stake to 34.5% in Vancouver-based Gold Wheaton Gold Corp. (TSX:GLW).
Quadra acquired 20.5 million Gold Wheaton shares through its subsidiary FNX Mining Company Inc., which owned 12.5% of Gold Wheaton’s outstanding shares. Its total holdings are now 56.5 million shares.
Quadra increased its stake as a result of an amended and restated December 5, 2008 promissory note issued by Gold Wheaton to FNX as partial consideration for FNX’s agreement to sell 50% of the gold, platinum and palladium in the ore mined and shipped from FNX’s existing mining operations in northern Ontario.
The company noted it does not have any present intention to acquire further shares in Gold Wheaton or acquire ownership or control over the gold company.
Quadra is a mid-tier copper producer with operating mines in Nevada, Arizona, northern Chile and in northern Ontario.
Quadra’s share price range during the past week: between $10.61 and $11.15; 52-week high: $18.57; 52-week low: $8.01.