PROJECT FINANCE

Barrick lifts Midas interest

Gold major acquires common shares for investment purposes

Staff Reporter
Barrick Gold has increased its interest in Midas Gold and its Stibnite project in Idaho, USA

Barrick Gold has increased its interest in Midas Gold and its Stibnite project in Idaho, USA

Barrick has committed to invest US$3.31 million (C$4.4 million) to increase its holding by 0.3% from 19.6% previously.

The Midas offering is expected to close around June 19. It entails 33.2 million common shares at C60c, for gross proceeds of about C$19.9 million.

Midas said the funds would help advance its feasibility study and permitting to redevelop and restore the Stibnite site, as well as for general working capital.

Hedge fund Paulson & Co has also indicated its intent, by participating in the offering, to maintain its pro rata interest of 29.11%.

Midas shares are currently trading 42% below the year-earlier price of 62c, having lost 27% since the start of the year. The company is capitalised at $147.12 million.

 

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