11:38 AM EST - Timminco Ltd. : announced the completion of the divestiture of its magnesium business, with the closing of the merger of Timminco's remaining magnesium extrusion and specialty metals business with the magnesium operations of Winca Tech Ltd., to form Applied Magnesium Int'l Ltd. In connection with the sale, Timminco received a 19.5% equity interest in Applied Magnesium as well as promissory notes of Applied Magnesium in the aggregate principal amount of $3.7 million U.S. Winca holds the remaining equity and has received a promissory note from Applied Magnesium in the principal amount of $4.0 million U.S. Timminco Ltd.
shares T.TIM are trading down $0.03 at $1.07.
