Barrick Announces Additional Investment in Hercules Silver

 

  All amounts expressed in CAD dollars  

 

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (" Barrick ") announced today that on November 10, 2023, it purchased 7,000,000 warrants to purchase common shares of Hercules Silver Corp. (" Hercules ") for total consideration of C$6,580,000. The warrants were immediately exercised at their exercise price of C$0.11 per Hercules common share.

 

Prior to its acquisition and exercise of the warrants, Barrick owned 26,556,870 common shares of Hercules and 6,804,918 warrants, representing approximately 12.33% of the outstanding Hercules common shares on a non-diluted basis, and 15.02% on a partially-diluted basis. Barrick now owns 33,556,870 common shares and 6,804,918 warrants of Hercules, representing approximately 15.09% of the outstanding Hercules common shares on a non-diluted basis, and 17.61% on a partially-diluted basis.

 

Barrick acquired the Hercules shares for investment purposes. Barrick may, depending on market conditions and other factors, acquire additional shares, warrants or other securities of Hercules, or dispose of some or all of the Hercules shares, warrants or other securities of Hercules that it owns at such time.

 

An early warning report will be filed by Barrick in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Kathy du Plessis, whose contact details are included below.

 

Barrick is a senior gold mining company organized under the laws of the Province of British Columbia. Barrick's corporate office is located at Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay Street, P.O. Box 212, Toronto, Ontario M5J 2S1. Hercules' head office is located at 100 King St. West, 1 First Canadian Place Suite, 1600 Toronto, Ontario M5X 1G5.

 

  Enquires:  

 

  Investor and Media Relations  
Kathy du Plessis
+44 20 7557 7738
Email:   barrick@dpapr.com   

 

  Website:    www.barrick.com   

 

  Cautionary Statement on Forward-Looking Information  

 

Certain information contained in this press release, including any information relating to the ownership by Barrick of common shares and warrants of Hercules constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "will", "potential", "may" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including Barrick's potential acquisition or disposition of securities of Hercules in the future. Forward-looking statements are necessarily based upon a number of assumptions, including material assumptions considered reasonable by Barrick as at the date of this press release in light of management's experience and perception of current conditions and expected developments, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies.

 

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the forward-looking statements contained in this press release.

 

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

 

  Primary Logo 

 

News Provided by GlobeNewswire via QuoteMedia

ABX:CA
The Conversation (0)
Gavel with "Litigation" tag on black background.

Mali Court Upholds Detention of Barrick Employees

A Malian court has upheld the detention of four employees of Barrick Mining (TSX:ABX,NYSE:B), rejecting an appeal filed by the Canadian mining company as its dispute with the military-led government deepens.

According to a Bloomberg report, Judge Samba Sarr ruled Tuesday (July 22) that the appeal was unfounded, according to Barrick’s legal counsel, Alifa Habib Koné.

The employees have been held in pre-trial detention since November 2023 on charges including money laundering and financial misconduct, allegations the company has dismissed as without merit.

Keep reading...Show less
Two people in suits shaking hands with bright light effects.

Brightstar Resources Pursues Aurumin Acquisition to Consolidate Sandstone Assets

Brightstar Resources (ASX:BTR) has entered into a scheme implementation deed with Aurumin (ASX:AUN) for Brighstar to acquire 100 percent of Aurumin’s issued capital.

The companies agreed on arrangement terms in June, underlining how the merge will de-risk and accelerate Brightstar’s Sandstone gold project.

Aurumin, on the other hand, owns the Central Sandstone gold project, also in the the emerging gold district of Sandstone region.

According to Brightstar, the combined assets would lead to a pro-forma total mineral resource estimate of approximately 2.4 million ounces at 1.5 grams per tonne (g/t) of gold.

Keep reading...Show less
John Feneck, gold bars.

John Feneck: Gold, Silver, Platinum, Copper — 8 Stocks to Play These Metals

John Feneck, portfolio manager and consultant at Feneck Consulting, outlines his latest thoughts on the gold, silver, platinum and copper markets.

With prices on the rise, he encouraged investors to get involved if they aren't already.

Keep reading...Show less
The super pit, or Fimiston open pit.

Hidden Gem: How Intrusion-related Gold Deposits Could Fuel Next-generation Discoveries

With the gold price continuing to hover near all-time highs and major producers scouring the globe for new large-scale deposits, one type of gold system is emerging as a potential game changer.

Intrusion-related gold systems (IRGS) have already yielded multimillion-ounce mines, like Kinross Gold's (TSX:K,NYSE:KGC) Fort Knox in Alaska, and sparked billion-dollar acquisition bids, such as Northern Star Resources (ASX:NST) offer for De Grey Mining in Australia. Even so, these deposits remains largely under the radar for most investors, and their full investment potential is only beginning to be understood.

Traditional high-grade vein systems often require deep, high-cost underground mining. IRGS deposits, however, form broad, consistent zones of mineralization that lend themselves to large-scale, open-pit development. These geological systems are particularly attractive in today’s market as they offer scale, longevity and a clear path to resource growth, which are critical at a time when new gold discoveries are becoming increasingly rare.

Keep reading...Show less

Latest Press Releases

Related News

×