Hochschild unit Tiernan raises GBP32 million in private placement

(Alliance News) - Hochschild Mining PLC on Wednesday said Canadian subsidiary Tiernan Gold Corp has closed a private placement, advancing plans for a reverse takeover and listing of the gold business.

Tiernan raised gross proceeds of CAD58.4 million, about GBP31.8 million, through the brokered sale of 11.7 million subscription receipts at CAD5.00 each.

The receipts will convert into one Tiernan common share and half a warrant upon release of funds from escrow. Each full warrant will allow holders to buy a Tiernan share at CAD6.50 for 24 months after closing.

The offering includes CAD40.0 million from a treasury issuance and CAD18.4 million from a secondary sale. Hochschild said it expects to receive CAD16.5 million from the secondary component.

Following completion of the reverse takeover and financing, Hochschild will retain around a 70% stake in Tiernan, or 62% on a fully diluted basis.

Shares in Hochschild Mining were up 3.5% at 372.80 pence in London on Wednesday morning.

By Eva Castanedo, Alliance News reporter

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