| Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here! |
(Kitco News) – Barrick Gold (NYSE: GOLD) (TSX: ABX) announced today that on November 10, 2023, it purchased 7,000,000 warrants to purchase common shares of Hercules Silver for total consideration of C$6,580,000.
The company said 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 said it acquired the Hercules shares for investment purposes.
Hercules Silver (TSX-V: BIG) (OTCQB: BADEF) is exploring its Hercules property located in western Idaho.
The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The company said the additional discovery of a new porphyry copper system at depth in 2023 adds “significant” upside potential to the property.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Credit: Source link