In line with its strategy of focusing on Tier One assets, Barrick
Gold Corporation (“Barrick”) (NYSE:GOLD)(TSX:ABX) has completed the
recently announced transaction pursuant to which Skeena Resources
Ltd. (“Skeena”) exercised its option to acquire the Eskay Creek
project and Barrick waived its back-in right on the Eskay Creek
project.
As previously announced, consideration for the
transaction consists of: (i) the issuance by Skeena of 22,500,000
units (the “Units”), with each Unit comprising one common share of
Skeena and one half of a warrant, with each whole warrant entitling
Barrick to purchase one additional common share of Skeena at an
exercise price of C$2.70 each until the second anniversary of the
closing date; (ii) the grant of a 1% NSR royalty on the entire
Eskay Creek land package; and (iii) a contingent payment of C$15
million payable during a 24-month period after closing.
Barrick holds 24,075,000 Skeena common shares,
representing approximately 12.4% of Skeena’s issued and outstanding
common shares (calculated on a non-diluted basis), and assuming the
exercise in full of all of the warrants issued pursuant to the
transaction, Barrick will hold 35,325,000 common shares,
representing approximately 17.2% of Skeena’s issued and outstanding
common shares.
For further details regarding the transaction,
please refer to Barrick’s news release dated August 4, 2020 on the
Barrick website or filed under its issuer profile on SEDAR at
www.sedar.com.
Enquiries:
Kathy du Plessis Investor and Media Relations +44
20 7557 7738 Email: barrick@dpapr.com Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained in this press
release, including any information as to Barrick’s strategy, plans,
or future financial or operating performance, constitutes
“forward-looking statements”. All statements, other than statements
of historical fact, are forward-looking statements. The words
“will”, “expect”, “plan,” “intend” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to: Barrick’s strategy of focusing on Tier One assets,
the value of the warrants entitling Barrick to purchase common
shares of Skeena; the timing for payment of the contingent
consideration after closing; and Barrick’s rights, plans or
intentions to acquire or dispose of additional common shares or
other securities of Skeena.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions; including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by Barrick as at the date of this
press release in light of management’s experience and perception of
current conditions and expected developments, are inherently
subject to significant business, economic, and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking statements, and undue reliance should not be
placed on such statements and information. Such factors include,
but are not limited to: fluctuations in the spot and forward price
of gold, copper, or certain other commodities (such as silver,
diesel fuel, natural gas, and electricity); the speculative nature
of mineral exploration and development; changes in mineral
production performance, exploitation, and exploration successes;
diminishing quantities or grades of reserves; increased costs,
delays, suspensions, and technical challenges associated with the
construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges, and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; changes in national and local government
legislation, taxation, controls, or regulations and/or changes in
the administration of laws, policies, and practices, expropriation
or nationalization of property and political or economic
developments in Canada, the United States or jurisdictions in which
we operate; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; timing of receipt of, or failure to comply
with, necessary permits and approvals; failure to comply with
environmental and health and safety laws and regulations; risks
associated with new diseases, epidemics and pandemics, including
the effects and potential effects of the global Covid-19 pandemic;
litigation and legal and administrative proceedings; damage to
Barrick’s reputation due to the actual or perceived occurrence of
any number of events, including negative publicity with respect to
the Barrick’s handling of environmental matters or dealings with
community groups, whether true or not; contests over title to
properties, particularly title to undeveloped properties, or over
access to water, power and other required infrastructure; employee
relations including loss of key employees; business opportunities
that may be presented to, or pursued by, Barrick; increased costs
and physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. In
addition, there are risks and hazards associated with the business
of mineral exploration, development, and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding, and gold bullion, copper
cathode, or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements, and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Sep 2023 to Sep 2024