EACOM Timber Corporation (ETR: TSX-V) (“EACOM”, or the “Company”) has announced that the Board has approved entering into an agreement with USNRKockums Cancar Inc.,(“USNR”) to rebuild the Timmins Mill. The total cost of the project is estimated at $25 million, a substantial portion of which is being funded from proceeds of insurance related to a fire. As reported in January of this year, the mill located in Timmins Ontario was destroyed by fire. To date the Company has received $23,700,000 of insurance proceeds, $13,700,000 related to business interruption and $10,000,000 for damage or destruction of assets.
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Saturday 29 December 2012
EACOM Timber Corporation Board Announces Completion Of Elk Lake Upgrades
EACOM Timber Corporation (ETR: TSX-V) (“EACOM”, or the “Company”) has announced that the Board has approved entering into an agreement with USNRKockums Cancar Inc.,(“USNR”) to rebuild the Timmins Mill. The total cost of the project is estimated at $25 million, a substantial portion of which is being funded from proceeds of insurance related to a fire. As reported in January of this year, the mill located in Timmins Ontario was destroyed by fire. To date the Company has received $23,700,000 of insurance proceeds, $13,700,000 related to business interruption and $10,000,000 for damage or destruction of assets.
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