Barrick Gold (NYSE:ABX) is hoping to mine some capital from the market with a new common stock offering. The company is floating 163.5 million of its shares at a price of $18.35 per share in an underwritten public flotation. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 24.5 million shares to cover overallotments.
Barrick Gold said it mainly plans to use the issue's estimated net proceeds of around $2.9 billion to retire debt.
The underwriting syndicate is led by Royal Bank of Canada's RBC Capital Markets, Barclays, and GMP Securities.
At the moment, Barrick Gold has 1 billion shares outstanding, and its stock most recently closed at $19.39 per share.
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