Barrick Announces Further Investment in Midas Gold
All amounts expressed in Canadian dollars
TORONTO, June 11, 2019 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) announced today that it will acquire 7,274,142 common shares of Midas Gold Corp. (“Midas Gold”) as part of the public offering of common shares announced yesterday by Midas Gold (the “Offering”). 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. To obtain a copy of the early warning report, please contact Kathy du Plessis, whose contact details are included below.
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.
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information relating to the proposed investment in Midas Gold constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”, “will”, “potential”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the Offering and Barrick’s acquisition or disposition of securities of Midas Gold in the future. Forward-looking statements are necessarily based upon a number of assumptions, including material assumptions considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned not to put undue reliance on forward-looking statements which are not guarantees of future events, and speak only as of the date made. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.