St. Barbara plans A$70 to A$75 million private placement

New York, Feb. 18 - St. Barbara Ltd. said it plans to raise A$70 to A$75 million after expenses from a private placement of shares to sophisticated investors.

Southern Cross Equities will be agent for the sale.

Proceeds will be used to strengthen the company's balance sheet, providing it with funds to either partially buy back its A$99.6 million of 8% convertibles notes due 2012 at a discount or to enable it to fund the put on June 4, 2010.

A buyback would reduce the refinancing risk and lower financing costs, St. Barbara said in a news release.

St. Barbara is a Melbourne, Australia, gold miner.

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