Barrick Gold Decides to Sell its Stake in Skeena Resources

SEATTLE (Scrap Monster): Barrick Gold Corporation has decided to sell its stake in Skeena Resources for C$132.4 million or C$15 per common share.

According to company press release, it has entered into a purchase and sale agreement with a Canadian investment dealer, whereby the latter will purchase 8,831,250 common shares of Skeena Resources Ltd. for resale on a bought deal basis. The gross consideration for the common shares consists of cash in the aggregate amount of C$132,468,750.

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Prior to the closing of the disposition, Barrick will have beneficial ownership of, or control and direction over, 8,831,250 common shares of Skeena, representing approximately 12.9% of the issued and outstanding common shares of Skeena. Also, following the closing of the disposition, Barrick will not have beneficial ownership of any of Skeena’s issued and outstanding common shares.

The company noted that it is proceeding with the disposition for investment portfolio management purposes. It may acquire securities of Skeena or dispose of some or all of the securities of Skeena that it may own at such time, depending on market conditions and other factors.