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Barrick lifts Midas interest

Senior miner Barrick Gold has increased its shareholding in Idaho-focused developer Midas Gold to 19.9% on the back of a public offering Midas announced on Monday.
Barrick lifts Midas interest Barrick lifts Midas interest Barrick lifts Midas interest Barrick lifts Midas interest Barrick lifts Midas interest

Barrick Gold has increased its interest in Midas Gold and its Stibnite project in Idaho, USA

Staff Reporter

Barrick has committed to invest US$3.31 million (C$4.4 million) to increase its holding by 0.3% from 19.6% previously.

The Midas offering is expected to close around June 19. It entails 33.2 million common shares at C60c, for gross proceeds of about C$19.9 million.

Midas said the funds would help advance its feasibility study and permitting to redevelop and restore the Stibnite site, as well as for general working capital.

Hedge fund Paulson & Co has also indicated its intent, by participating in the offering, to maintain its pro rata interest of 29.11%.

Midas shares are currently trading 42% below the year-earlier price of 62c, having lost 27% since the start of the year. The company is capitalised at $147.12 million.