Barrick Gold has said that proceeds from its pending equity offering will total around $4 billion, making the stock sale the biggest in Canadian history, according to Reuters. The world’s top gold miner said underwriters exercised in full their option to purchase an additional 14.21 million shares at a price of $36.95. The offering, including sale of the overallotment shares, is expected to close on or about September 23, and is subject to customary conditions, including the approval of the Toronto Stock Exchange. Barrick, in a move that shows its belief that gold will continue to rise, announced an equity sale of at least $3 billion late on Tuesday, to be used to eliminate all of its fixed-price gold hedges and a portion of its floating hedges.
Barrick Gold Anticipates $4B From Share Offer
The offering, including sale of the overallotment shares, is expected to close on or about September 23, and is subject to customary conditions, including the approval of the Toronto Stock Exchange.