Barrick Announces Additional Investment in Reunion Gold Corporation

Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) announced today that it has agreed to exercise its participation right in connection with a private placement offering by Reunion Gold Corporation (TSX-V:RGD). Barrick has agreed to acquire up to an additional 12,600,000 common shares of Reunion at a price of $0.18 per share. The aggregate consideration to be paid by Barrick in the offering is $2,268,000. The Reunion offering is expected to close on or about December 20, 2018.

As a result of its additional investment, Barrick will own a total of 60,600,000 Reunion shares, leaving its interest in Reunion unchanged at approximately 15.0% of Reunion’s issued and outstanding common shares, determined on a non-diluted basis after giving effect to the offering.

Under the terms of the investor rights agreement entered into between Barrick and Reunion in connection with Barrick’s initial investment in Reunion on December 1, 2017, so long as Barrick holds not less than 10% of the then issued and outstanding shares of Reunion, Barrick will, among other things, have a right of first refusal in connection with the sale by Reunion of any interest in any of its mineral projects, and will have the right to assign one or more geologists to work full time on any or all of Reunion’s mineral projects.

Reunion is an exploration and development company focused on acquiring, exploring and developing gold projects in the highly prospective Guiana Shield of South America. Barrick holds its Reunion common shares for investment purposes. Depending on market conditions and other factors, including Reunion’s business and financial condition, Barrick may, subject to the investor rights agreement between Barrick and Reunion dated December 1, 2017, acquire additional common shares or other securities of Reunion or dispose of some or all of the common shares or other securities of Reunion that it owns at such time.