SGF sells its holding in Sequoia Minerals to Cambior
Montréal, July 5, 2004 - The Société générale de financement du Québec (SGF) announced that all of its 16,452,819 common shares in Sequoia Minerals Inc. (Sequoia) have been sold for a cash consideration of $0.60 per share as part of the merger of Sequoia with a wholly owned subsidiary of Cambior Inc. Sequoia shareholders approved the merger at the Annual General and Special Meeting of Sequoia shareholders on June 28, for which a proxy circular dated June 1, 2004 had been sent to Sequoia shareholders. The merger took effect on June 30, 2004.
Under the terms of the merger, Sequoia debentures held by SGF were converted into 9,088,844 Sequoia common shares and also sold for a cash consideration of 60 cents per share. As a result, SGF no longer has any holdings in Sequoia; before the merger, it controlled approximately 26% of Sequoia’s common shares.
The Société générale de financement du Québec (SGF) is an industrial and financial holding company whose mission is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Québec’s economic development policy. (sgfqc.com)
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