Newmont bought Miramar for $1.5B19 Oct 2018 12:21
Miramar Mining Announces $43.5 Million Private Placement with Newmont Mining Corporation
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2005) - Miramar Mining Corporation (TSX:MAE)(AMEX:MNG) -
World's Largest Gold Producer to take Significant Position in Miramar
whereby Newmont will purchase, on a private placement basis, 18.5 million units (the "Units") of Miramar at a price of $2.35 per Unit for gross proceeds of $43.5 million. Each Unit consists of one common share and one warrant ("Warrants") to purchase an additional common share for $2.75 for a period of 48 months.
The common shares comprised in the Units will represent approximately 9.9% of Miramar's issued and outstanding common shares after the sale of the Units. Newmont's position on exercise of the Warrants would be approximately 18% of Miramar's then share capital. The private placement is expected to close on or about November 18, 2005.
The Subscription Agreement also provides, among other things:
a) if Newmont holds 10% of the issued and outstanding common shares of Miramar (calculated after giving effect to the exercise of the Warrants), it will have the right to participate in Miramar's financings up to 19.9%;
b) Miramar and Newmont will cooperate on technical, financial and permitting issues;
c) for four years Newmont's ownership of Miramar will not exceed 19.99% unless there is a public bid for over 50% of Miramar or Newmont proposes a take-over bid or other business combination whereby Newmont would acquire 100% of Miramar;
Sign In
Follow the stocks
