Mitsubishi in $4.7M deal for Baffinland stake

Nov 30, 2005 | 07:53 AM | Maria Guzzo

Mitsubishi Corp. has signed a memorandum of understanding to acquire a 7.2-percent stake in Toronto-based iron ore producer Baffinland Iron Mines Corp.

In a private placement, Mitsubishi will purchase 2.75 million Baffinland common shares for Canadian $5.5 million ($4.7 million), or C$2 ($1.71) per share. The deal, which is scheduled to be completed by Dec. 31, will give Mitsubishi certain Asian....

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