Barrick Gold Announces $3.0 Bln Public Equity Offering - Quick Facts

(RTTNews) - Barrick Gold Corp. (ABX, ABX.TO) Thursday announced agreement with a syndicate of underwriters, led by RBC Capital Markets, Barclays and GMP Securities L.P., to offer 163.5 million Barrick common shares at a price of $18.35 per share.

Underwriters have been granted an over-allotment option to purchase up to an additional 24.5 million shares at the offering price exercisable for a period of 30 days after closing. The gross proceeds of the offering will be approximately $3.45 billion if the over-allotment option is exercised in full.

The net proceeds from the offering is expected to be approximately $2.9 billion. If over-allotment option is exercised in full, the net proceeds to be received by Barrick will be approximately $3.3 billion.

Net proceeds from the offering will be used to strengthen the company's balance sheet and improve the long-term liquidity position. Approximately $2.6 billion of the proceeds will be available to redeem outstanding debt.

Barrick's common shares outstanding are expected to increase from approximately 1.0 billion shares to approximately 1.16 billion shares.

The offering is expected to close on or about November 14, subject to certain customary conditions and regulatory approvals.