Barrick Increases Investment In Midas Gold
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Barrick Gold Corp. (NYSE: GOLD; TSX: ABX) said it acquire another 7.2 million shares of Midas Gold Corp. as part of the public offering of common shares announced by Midas on Monday. Barrick said it currently owns 46.5 million shares of Midas, representing approximately 19.6% of the company’s outstanding shares. The offering is expected to close around June 19, after which Barrick will own 19.9% of outstanding Midas shares, Barrick said. Midas Gold owns the Stibnite gold project, located in a historic mining district in Idaho. Barrick will purchase the additional common Midas shares for a total of C$4.4 million. “Barrick is acquiring the common shares for investment purposes,” Barrick said. “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.”