GMP Securities to Acquire 5.5M Lundin Gold Shares from Kinross Gold (KGC)
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Kinross Gold (KGC), Yorbeau Resources Enter Option Agreement on Rouyn Property
- tronc (TRNC) Trades Lower as Gannett (GCI) Deal in Doubt as Banks Withdraw Funding - Bloomberg
- TGP Exits $2B Race for McDonald's (MCD) China Business - Bloomberg
Create E-mail Alert Related CategoriesMergers and Acquisitions, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!