By Devika Patel
Knoxville, Tenn., May 4 - Red Back Mining Inc. said it arranged a C$600 million private placement of stock.
The company will sell 24 million common shares at C$25.00 per share to Kinross Gold Corp., which will then own approximately 9.4% of Red Back's issued and outstanding shares.
Proceeds will be used for general working capital purposes, including any anticipated processing and mining expansion at the Tasiast Gold Mine in Mauritania.
Vancouver, B.C.-based Red Back is a gold exploration company.
| Issuer: | Red Back Mining Inc.
|
| Issue: | Common shares
|
| Amount: | C$600 million
|
| Shares: | 24 million
|
| Price: | C$25.00
|
| Warrants: | No
|
| Investor: | Kinross Gold Corp.
|
| Pricing date: | May 4
|
| Stock symbol: | Toronto: RBI
|
| Stock price: | C$24.46 at close May 4
|
| Market capitalization: | C$5.69 billion
|
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