Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) announced today that it will acquire 7,274,142 common shares of Midas Gold Corp. as part of the public offering of common shares announced yesterday by Midas Gold. Barrick currently owns 46,551,731 common shares of Midas Gold, representing approximately 19.6 percent of the outstanding common shares of Midas Gold, on a non-diluted basis.
The Offering is expected to close on or about June 19, 2019, following which Barrick will own approximately 19.9 percent of the outstanding common shares of Midas Gold, on a non-diluted basis. Barrick will purchase the additional common shares of Midas Gold at the Offering price of C$0.60 per share, for aggregate consideration of approximately C$4.4 million.
Barrick is acquiring the common shares for investment purposes. Depending on market conditions and other factors, including Midas Gold’s business and financial condition, Barrick may, subject to the terms of the investor rights agreement previously entered into by Barrick and Midas Gold, acquire additional common shares or other securities of Midas Gold or dispose of some or all of the common shares or other securities of Midas Gold that it owns at such time.
An early warning report will be filed by Barrick in accordance with applicable securities laws.
Barrick is a senior gold mining company organized under the laws of the Province of British Columbia. Barrick’s corporate office is located at Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay Street, P.O. Box 212, Toronto, Ontario M5J 2S1. Midas Gold’s head office is located at 890 – 999 West Hastings Street, Vancouver, British Columbia V6C 2W2.
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