Kinross Gold (TSE:K) has acquired 24 million shares of Red Back (TSE:RBI) in a private placement, an overall investment of $588 million.
Kinross paid a slight premium for the shares, acquiring them at C$25 a share, a little above the C$24.46 close on the Toronto Stock Exchange.
Recent acquisitions by Kinross include the Dvoinoye project in Russia, for which they paid $368 million, and gold exploration company Underworld Resources, which cost them close ot C$140 million. They also sold their stake in Chile's Cerro Casale gold project to Barrick Gold (TSE:ABX).
Showing posts with label Underworld Resources. Show all posts
Showing posts with label Underworld Resources. Show all posts
Wednesday, May 5, 2010
Tuesday, April 27, 2010
Kinross Gold (TSE:K) Acquires Underworld Resources (CDNX:UW.V)
Kinross Gold (TSE:K)(NYSE:KGC) announced it has finished its pursuit of Underworld Resources (CDNX:UW.V) by acquiring the junior gold mining company.
Terms of the takeover are 0.141 of each Kinross common share and C$0.01 in cash for each common share of underworld.
The offer values Underworld at C$139.2 million.
Kinross will issue 5.5 million common shares to complete the transaction.
The major asset held by Underworld is their White Gold project in the Tintina gold region.
Terms of the takeover are 0.141 of each Kinross common share and C$0.01 in cash for each common share of underworld.
The offer values Underworld at C$139.2 million.
Kinross will issue 5.5 million common shares to complete the transaction.
The major asset held by Underworld is their White Gold project in the Tintina gold region.
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