Kinross Acquires 19.9% Stake In White Gold Exploration
Kinross Gold Corp. (TSX: K; NYSE: KGC) announces an agreement to acquire an approximately 19.9% interest in White Gold Corp. (TSXV: WGO) by selling its 100% interest in the White Gold exploration project in the Yukon Territory to the company. Agnico Eagle Mines Ltd. (TSX, NYSE: AEM) also holds an approximately 19.9% equity investment in White Gold Corp., Kinross reports. "We look forward to working with Agnico Eagle and White Gold Corp. to support the pursuit of quality development opportunities in this highly prospective and largely underdeveloped district," says J. Paul Rollinson, president and chief executive officer of Kinross Gold. "This investment will allow the three companies to pool their expertise together to strengthen their position in this excellent mining jurisdiction." Kinross' sale of the White Gold exploration property to White Gold Corp. includes approximately $7 million (C$10 million) in cash, payable upon closing; 17.5 million shares of White Gold Corp., at deemed purchase price of C$2.01, with a current market value of approximately $26 million (C$35.2 million); and deferred payments of approximately $11 million (C$15 million). White Gold Corp. is the largest landholder in the White Gold District and its exploration team has been involved in multiple major discoveries in the Yukon, Kinross says. The transaction is expected to be completed during the second quarter.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Coeur To Offer Senior Notes, Pay Outstanding Notes
Friday May 19, 2017 08:09
Coeur Mining Inc. (NYSE: CDE) announces plans to offer $250 million of senior notes that will be due in 2024. The company says it plans to use the proceeds to pay the purchase price and tender premium on up to all $178 million of its 7.875% senior notes due in 2021. “To the extent that the company has excess proceeds from the offering, the company intends to use such excess amounts for general corporate purposes,” Coeur says.