GMP Securities to Acquire 5.5M Lundin Gold Shares from Kinross Gold (KGC)
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Kinross Gold Corporation (NYSE: KGC) announced the signing of an agreement with GMP Securities L.P. ("GMP") pursuant to which GMP has agreed to purchase, for re-sale on a private placement basis, 5,500,000 common shares of Lundin Gold Inc. ("Lundin Gold") (the "Sale"), representing approximately 4.6% of currently outstanding common shares. GMP is purchasing the shares at a price per share of CAD$5.60, resulting in gross proceeds of CAD$30,800,000.
Prior to closing of the Sale, Kinross holds 26,156,250 shares, representing approximately 22.1% of the issued and outstanding shares. Upon closing of the Sale, Kinross will hold 20,656,250 shares, representing approximately 17.4% of the issued and outstanding shares. All share ownership percentages in this news release are based on Lundin Gold's latest publicly released information regarding the number of shares currently outstanding.
Closing of the Sale is subject to customary closing conditions and is expected to occur on or about October 5th, 2016. Kinross is selling the Lundin Gold shares as part of its portfolio management strategy.
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