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Executive Chairman Nearly Doubles Barrick Gold Holdings

Kitco News

(Kitco News) - John L. Thornton, the executive chairman of Barrick Gold Corp. (NYSE, TSX:ABX), has nearly doubled his holdings in the company to 5 million shares, the company announced Monday.

Thornton has purchased 2,271,029 additional common shares at an average price of $11.11 per share, Barrick said.

Barrick, a Canadian producer, plans to acquire Randgold Resources Ltd. (Nasdaq: GOLD) under an all-stock merger announced a week ago. The merger will create the largest gold-mining company in the world, with market capitalization put at $18.3 billion.

Based on the exchange ratio of 6.128 Barrick shares for each Randgold share under the agreement between the two companies, Randgold Chief Executive Officer Mark Bristow’s shares are expected to convert into 5,141,600 Barrick shares following the completion of the merger, Barrick said. The merger agreement calls for Bristow to be president and CEO of Barrick.

 

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