Severstal Buys Canadian Miner

Severstal has taken control of Canadian miner High River Gold Mines by increasing its stake to 50.1 percent, the company's mining division said Thursday.

Severstal Resurs, which had owned 9.9 percent of High River, said in a statement that it had acquired an additional 282.3 million newly issued common shares for a total of $45 million.

"Additionally, as a partial consideration for the purchase price, Severstal Resurs was issued approximately 40.7 million warrants exercisable for approximately 40.7 million common shares in High River," the company said.

The exercise price for the warrants was 64 Canadian cents ($0.51) per common share.

High River Gold, listed on the Toronto Stock Exchange, has assets in Russia and Burkina Faso.