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Barrick sells shares in Skeena Resources

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Global Mining Review,

Barrick Gold Corp. has entered into a purchase and sale agreement with a Canadian investment dealer pursuant to which Barrick agreed to sell, and the dealer agreed to purchase, ~8.8 million common shares of Skeena Resources Ltd. for resale on a bought deal basis, on and subject to the terms and conditions set forth in the purchase agreement.

The gross consideration for the common shares consists of cash in the aggregate amount of C$~132 million (C$15.00 per common share).

Immediately prior to the closing of the disposition, Barrick will have beneficial ownership of, or control and direction over, ~8.8 million common shares of Skeena, representing approximately 12.9% of the issued and outstanding common shares of Skeena, ~2.8 million of which were acquired as a result of Barrick exercising ~2.8 million common share purchase warrants on 23 March 2022 (based on ~68 million issued and outstanding Skeena common shares). Immediately following the closing of the Disposition, Barrick will not have beneficial ownership of, or control or direction over, any of Skeena’s issued and outstanding common shares.

Barrick is proceeding with the disposition for investment portfolio management purposes. Depending on market conditions and other factors, including Skeena’s business and financial condition, Barrick may acquire securities of Skeena or dispose of some or all of the securities of Skeena that it may own at such time.

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Gold mining news Canadian mining news North American mining news