Newmont Mining Corp., one of the world’s largest gold producers, said Friday that its Canadian subsidiary bought a minority interest in Loncor Resources Inc. for 5 million Canadian dollars ($ 4.8 million).
Newmont Mining Corp. of Canada Ltd. purchased 4 million units of Loncor through a private placement, for 1.25 Canadian ($ 1.20 U.S.) each. Each unit contains one common share and one warrant for another part exersizable to 1.45 Canadian (U.S. $ 1.39) for two years.
The company said it would end up holding 13 percent of Loncor if they used all warrants and convertible securities as anyone else exercises.
Loncor is a gold and platinum exploration company focused on the Congo.
Newmont said it bought the shares for investment, and may increase or decrease, depending on the commitment Loncor business prospects and market conditions.
Shares of Newmont rose 13 cents to close at $ 48.54 on Friday….
source:businessweek.com
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