news-details

Barrick Increases Stake in Placer Dome to 94%

February 06, 2006

TORONTO--(BUSINESS WIRE)--Feb. 6, 2006--Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (LSE:BGD) (SWX:ABX) (EURONEXT PARIS:ABX):

All figures in US dollars.

Barrick Gold Corporation announces that it has taken up and accepted for payment an additional 61 million common shares of Placer Dome Inc. that were tendered to its Offer after January 19, 2006, which represent approximately 14% of the outstanding shares. Together with the approximately 358 million shares taken up by Barrick on January 19, 2006, Barrick now owns approximately 419 million shares, representing approximately 94% of the outstanding shares.

Since the Offer has been accepted by holders of more than 90% of the shares, Barrick intends to exercise its right to acquire the remaining 25 million outstanding shares of Placer Dome pursuant to a compulsory acquisition under the Canada Business Corporations Act, as described in the Offer. Barrick expects to complete that compulsory acquisition within the next 30 days.

"We are pleased to reach this significant milestone," said Greg Wilkins, President and Chief Executive Officer of Barrick. "The powerful combination of these companies will bring the assets, people and projects together to deliver value to all stakeholders."

In respect of the shares taken up on February 3, 2006, Placer Dome shareholders who tendered to the Cash Alternative will receive US$22.50 in cash for each Placer Dome common share and those who tendered to the Share Alternative will receive US$2.51 in cash and 0.7366 of a Barrick common share (subject to adjustment for fractional shares) for each Placer Dome common share. The aggregate cash consideration to be paid by Barrick will be approximately US$169 million and the aggregate number of common shares to be issued by Barrick will be approximately 44 million.

Barrick's vision is to be the world's best gold company by finding, developing and producing quality reserves in a profitable and socially responsible manner.

    CONTACT: Barrick Gold Corporation
             Vincent Borg
             Vice President, Corporate Communications
             (416) 307-7477
             Fax: (416) 861-1509
             vborg@barrick.com

    SOURCE: Barrick Gold Corporation

Stay Connected







Email Alerts

Email Address *
Mailing Lists *


 
Enter the code shown above.

By providing your e-mail address, you are consenting to receive press releases, quarterly and annual reports, presentations and other information concerning Barrick Gold Corporation and its affiliates and partners. You may withdraw your consent at any time using the unsubscribe link below.

Unsubscribe

Email Address:  *
Gold  $ 1,280.60 -5.35 -0.42% Volume: October 18, 2017
ABX NYSE  $ 16.22 +0.00 +0% Volume: 7,918,200 October 17, 2017
ABX TSX  $ 20.33 +0.00 +0% Volume: 1,646,000 October 17, 2017
Gold  $ 1,280.60 -5.35 -0.42% Volume: October 18, 2017

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

World Gold Council MemberMember of ICMM

En Español