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St Barbara Announces to Acquire Atlantic Gold and Equity Raising

15 May 2019  |  09:44:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: St Barbara to acquire Atlantic Gold and equity raising

St Barbara announced that it has, through its wholly owned subsidiary Nord Pacific entered into a Canadian Plan of Arrangement Agreement with Atlantic Gold. It will acquire 100% of all outstanding Atlantic shares (on a fully diluted basis) at an all cash offer price of C$2.90 per Atlantic share, implying a total equity value of A$768m (the Transaction) and a total enterprise value of A$854m. It intends to raise A$490m through an underwritten pro-rata accelerated non-renounceable entitlement offer to partly fund the Transaction. The Transaction will be partly funded via an underwritten 1 for 3.1 pro rata accelerated non-renounceable entitlement offer to raise A$490m before costs.

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