Four minority shareholders of High River Gold Mines asked the company to reject Severstal's offer of 22 Canadian cents (19 U.S. cents) per share, demanding that the Russian steelmaker raise the bid fivefold.

Sprott Asset Management, Specialized Asset Management, Firebird Asset Management and UFG Asset Management said they "have no interest" in Severstal's bid, according to a joint letter sent to High River management, a copy of which was obtained by Bloomberg.

The four funds together own more than 10 percent of High River and have the support of investors representing another 7 percent, Ryan Dodd, who helps manage about $350 million at Specialized in Moscow, said Tuesday.

"If Severstal wants to make High River a private company, they need to pay much more," said Florian Fenner, managing partner at UFG. "If they don't want to, let High River remain a public company so all shareholders could benefit from its growth." Fenner confirmed that he is the author of the letter and that it was written on behalf of all four funds.

Severstal spokesman Sergei Loktionov confirmed that High River officials nominated by Severstal have received "some letters" from shareholders, including UFG. He declined to provide further comment immediately.