Investors exercise $37.5-million overallotment option in Kinross financing
TORONTO (miningweekly.com) – TSX- and NYSE-listed Kinross Gold on Wednesday announced that a syndicate of underwriters for its recently completed $250-million bought-deal financing had exercised their overallotment option in full to buy another 12.51-million common shares at $3 apiece, for additional gross proceeds of $37.53-million.
The Toronto-based company, which had operations in North and South America, Russia and West Africa, advised that it intended to use the net proceeds of the offering to strengthen its balance sheet and improve the long-term liquidity position of the company by using about $175-million of the net proceeds to repay the credit facilities that were used to purchase assets from Barrick Gold.
In January, Kinross completed its 100% acquisition of the Bald Mountain gold mine in Nevada, in the US, from Barrick Gold, which included a large associated land package and 50% of the Round Mountain gold mine in Nevada, for $610-million.
The remainder of the proceeds would be used to repay debt maturing in 2016 and for general corporate purposes.
The offering was made through a syndicate of underwriters co-led by TD Securities and Scotiabank.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation