Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
A group of 21 Tanzanian nationals had alleged that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
Equinox Gold (TSX: EQX) has completed its recently announced bought deal offering of convertible senior notes for a total of C$172.5 million ($128m), including the C$22.5 million full amount of exercise option granted to note holders.
The notes bear an interest of 4.75% with a maturity of 2028. The conversion rate for the notes is 158.73 common shares of Equinox Gold per C$1,000 principal amount, equivalent to a conversion price of C$6.30 per share.
Shares of Equinox Gold closed Thursday’s session 1.3% higher at C$6.00 apiece. This gives the Vancouver-based gold producer a market capitalization of C$1.9 billion ($1.4bn).
“This debt financing enables us to pay down part of our revolving credit facility, providing immediate interest savings while also positioning us to manage the upcoming maturity of our April 2024 C$140 million convertible notes,” Greg Smith, CEO of Equinox Gold, stated in a news release.
“The new 2028 notes have a lower interest rate, substantially higher conversion price, no covenants and are unsecured, while extending debt maturity to October 2028,” he added.
The note financing follows Equinox’s $200 million funding earlier this year to support its construction of the Greenstone mine in Ontario, in which it has a 60% interest. The mine, which will be the company’s first in Canada, is slated to pour its first gold by the middle of 2024.
