R/€ = 16.60 Change: 0.01
R/$ = 14.80 Change: 0.02
Au 1341.74 $/oz Change: -13.18
Pt 802.95 $/oz Change: -11.14
 
 
R/€ = 16.60 Change: 0.01
R/$ = 14.80 Change: 0.02
Au 1341.74 $/oz Change: -13.18
Pt 802.95 $/oz Change: -11.14
 
 
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St Barbara completes A$355m raising for Atlantic Gold buy

17th May 2019 BY: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed gold miner St Barbara has completed A$355-million institutional entitlement offer to partly fund the acquisition of Canada’s Atlantic Gold Corporation.

The 1-for-3.1 pro rata accelerated non-renounceable entitlement offer, which was priced at A$2.89 a share, formed the first stage of St Barbara’s underwritten entitlement offer which is expected to raise some A$490-million.

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“We are extremely pleased with the support for the acquisition and the entitlement offer shown by our existing institutional shareholders, and also welcome a number of new domestic and international institutional investors,” said St Barbara MD and CEO Bob Vassie.

“The success of the entitlement offer provides a strong endorsement that investors share our confidence in St Barbara’s strategic direction and the significant opportunity for shareholders provided by the acquisition of Atlantic Gold.”

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St Barbara earlier this week revealed a C$802-million takeover offer for TSX-V-listed Atlantic Gold, offering the Canadian gold miner C$2.90 a share for all of its outstanding shares.

Atlantic Gold owns the Moose River operation, in Nova Scotia, which comprises one producing openpit mine and three other mines that are currently in development.

Meanwhile, the retail component of St Barbara’s entitlement offer is expected to open on May 21, and will close on June 4. Eligible shareholders will be able to subscribe for one new share for every 3.1 shares held, at a price of A$2.89 each. 

EDITED BY: Creamer Media Reporter
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