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Barrick to issue $3.5 billion in shares, suspend work at Pascua-Lama
By Liezel Hill and Steven Frank
Bloomberg News
Friday, November 1, 2013
TORONTO -- Barrick Gold Corp., the world's largest producer of the metal, plans to sell shares to raise as much as $3.45 billion to help reduce its debt, which has increased this year as the price of the commodity declined.
It agreed to sell 163.5 million shares for $18.35 apiece in a so-called bought deal that's being underwritten by a group led by RBC Capital Markets, Barclays Plc, and GMP Securities LP, Toronto-based Barrick said today in a statement. There's an over-allotment option for the sale of an additional 24.5 million shares, the company said.
Barrick has come under pressure this year after the price of gold fell 21 percent. Chief Executive Officer Jamie Sokalsky has explored cash-raising options including a strategic equity investment, a sale of a stake in its copper business, and selling a stale in its $8.5 billion Pascua-Lama project to a state-backed Chinese investor, people with knowledge of the matter said yesterday. Barrick said earlier today it will suspend construction work at Pascua-Lama to help conserve cash.
... For the full story:
http://www.bloomberg.com/news/2013-10-31/barrick-may-raise-3-45-billion-...
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