Paulson ups shareholding in Midas Gold
New York investment management firm Paulson & Co will significantly increase its shareholding in Midas Gold, which plans to develop the Stibnite gold project, in Idaho.
The Toronto-listed mining company announced on Wednesday that Paulson, on behalf of several investment funds and accounts managed by it, would exercise the conversion feature on the convertible notes of $82.10-million for a total of 199 692 804 common shares in Midas Gold.
This would result in Paulson holding about 44.12% of the company’s outstanding common shares. Prior to the conversion, Paulson held 9 664 520 common shares, representing a shareholding of 3.52%.
"Given the release of the DEIS [draft environmental impact statement] and the commencement of the public comment period, we believe that it is an appropriate time for the conversion of the notes, and Paulson intends to remain a long-term shareholder of the company," said Marcelo Kim, partner of Paulson and Midas Gold chairperson.
The US Forest Service on August 14 released the DEIS on the Stibnite gold project for public comment. Individuals will have 60 days to comment on the proposed redevelopment and restoration of the former Stibnite gold, silver, antimony and tungsten mine, which is located in Valley county.
Paulson first invested in Midas Gold in 2016.
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