Barrick lifts stake in Hercules Silver
Canada-headquartered bullion major Barrick Gold has increased its investment in exploration company Hercules Silver, which is using modern techniques to explore “the forgotten silver district of western Idaho”.
Barrick has agreed to subscribe for 21 265 370 units of Hercules Silver in a nonbrokered private placement at $1.10 a unit. Each unit is comprised of one common share and 0.32 of a common share purchase warrant.
The investment increases Barrick’s shareholding in the junior from 2.73% to about 12.33% on a nondiluted basis.
Barrick and Hercules also entered into an investor rights agreement, which provides that Barrick maintains an ownership interest in Herculus of at least 5%, that Barrick will be entitled to anti-dilution and information rights, as well as a right of first refusal in respect of the sale by Hercules of any interests in its silver project.
Hercules states on its website that its aim is to develop Idaho’s next big silver resource and to position the company as a prime takeover target.
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