Barrick Mining Corporation has agreed to buy a 9.9 percent stake in Kingfisher Metals Corp. through an approximately C$20.9 million private placement. The Toronto-based miner will subscribe for about 15.5 million units of Kingfisher at C$1.35 per unit, with each unit consisting of one common share and one-half of a common share purchase warrant exercisable at C$1.70 for two years. Following the deal, Barrick will hold about 9.9 percent of Kingfisher shares on a non-diluted basis and 14.1 percent on a partially-diluted basis, assuming the exercise of all warrants, while currently owning no Kingfisher shares. The companies will also enter into an investor rights agreement granting Barrick anti-dilution and information rights as long as it holds at least 5 percent ownership, and restricting Kingfisher from selling any interest in its Highway 37 Project in British Columbia for two years without Barrick's consent. Barrick agreed to an 18-month lock-up on its Kingfisher shares, a two-year standstill limiting it to 15 percent ownership, and to vote its shares in line with Kingfisher's board recommendations, while also forming a technical committee to provide support for the 2027 and 2028 drilling seasons at Highway 37.
Barrick Mining CorporationBarrick acquires 9.9% stake in Kingfisher Metals via C$20.9M private placement, gaining strategic access to Highway 37 project
Abacus Global Management, Inc.