Tomlinson increases stake in gold exploration firm

Ottawa heavy construction company R.W. Tomlinson Ltd. now controls 18.38 per cent of a Toronto-based gold exploration company, according to an early warning report of its investment earlier this month.

Tomlinson has acquired five million units of Upper Canada Gold Corp. – formerly called Washmax Corp. – for $500,000.

Prior to the transaction, Tomlinson owned 10.5 million shares of the company. The local firm first signed a deal with Upper Canada Gold Corp. in 2010 to acquire as much as 24 per cent of the company in a deal worth up to $2.93 million.

Its current stake in the company, at 18.38 per cent, includes all warrants and previously owned shares.

Each unit purchased by Tomlinson cost $0.10 and is comprised of one common share and three-quarters of one common share purchase warrant, according to a company release. Each warrant can be turned into one common share at a price of $0.15 for a period of 48 months from the closing date.

Tomlinson acquired the shares for “investment purposes and has no present intention to acquire additional securities of Upper Canada but may acquire additional common shares in the future,” the release states.

Last May, Tomlinson acquired Ottawa Greenbelt Construction Ltd. shortly after purchasing Graydex Ottawa Inc. Both of those companies specialize in sewer and water main projects.

The company is also involved in aggregate extraction and processing, as well as asphalt and concrete production.

Recent acquisitions by Tomlinson:

- Ottawa Greenbelt Construction (sewer and watermain specialization) (2012)

- Graydex Ottawa Inc. (sewer and watermain specialization) (2012)

- Lystek International Inc. (organics processing and biosolids management specialization) (2011)

- Goulbourn-Stittsville Sanitation (environmental services) (2010)

- Upper Canada Gold (purchased a minority stake of the gold exploration company) (2010)

- Cumberland Ready Mix (supplier of ready-mix concrete) (2008)

- H-Rose Machining Ltd. (supplier of precision machined components) (2008)