Canadian Mining Journal

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GOLD COMPANY ACQUISITION NEWS – Barrick acquires 81% of Placer Dome

TORONTO, ONTARIO - As of midnight on January 19, BARRICK GOLD CORP. of Toronto announced that approximately 358 mil...


TORONTO, ONTARIO – As of midnight on January 19, BARRICK GOLD CORP. of Toronto announced that approximately 358 million or 81% of the common shares of Vancouver-based PLACER DOME INC. had been validly deposited to Barrick’s offer to acquire all of the outstanding shares of Placer Dome (78% on a fully diluted basis). Barrick will pay for such shares on or before January 23.

Barrick has offered US$22.50 in cash or 0.8269 of a common share of Barrick plus US$0.05 in cash per Placer Dome common share, at the election of each holder, subject in each case to pro ration. The cost to Barrick will be approximately US$992 million plus 260 million common shares, for the shares tendered to date. Barrick has extended its offer until February 3, 2006, to allow Placer Dome shareholders an additional opportunity to tender to the offer. If Barrick succeeds in acquiring 90% of the shares of Placer Dome under the offer, it intends to acquire all remaining shares by compulsory acquisition.

According to a January 20th news release, “Barrick’s vision is to become the world’s best gold company by finding, developing and producing quality reserves in a profitable and socially responsible manner.” For more information about the offer and about the company that will soon be the world’s largest gold miner, visit www.barrick.com.


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