B2Gold Announces Sale of C$139 Million of Calibre Mining Shares
B2Gold Corp. (BTG) has sold 79,000,000 common shares of Calibre Mining Corp., generating C$139.04 million in gross proceeds through a block trade. This transaction reduces B2Gold's ownership in Calibre from 14.1% to less than 10%, meaning it is no longer a 'reporting insider' under National Instrument 55-104. B2Gold's decision was driven by investment considerations such as price, market conditions, capital allocation priorities, and corporate strategy. Despite the sale, B2Gold remains a supportive shareholder of Calibre.
- Generated C$139.04 million in gross proceeds from the sale of Calibre shares.
- Successfully executed the transaction in alignment with capital allocation priorities and corporate strategy.
- Reduced ownership in Calibre from 14.1% to less than 10%, losing 'reporting insider' status.
- Potentially reduced influence in Calibre Mining due to decreased shareholding.
B2Gold’s sale of Calibre Mining shares signals a strategic portfolio adjustment. This transaction resulted in gross proceeds of
For investors, this move could indicate B2Gold’s intention to refocus on core operations or other promising investments. Maintaining a supportive stance toward Calibre while divesting a substantial share shows that B2Gold sees no immediate downside in Calibre’s performance but prefers a more flexible capital strategy.
The sale of shares by B2Gold impacts market perception of both companies. Reducing its stake in Calibre Mining might be perceived as a signal of B2Gold’s reassessment of Calibre’s future potential. However, B2Gold’s assurance of remaining a supportive shareholder mitigates potential negative sentiment.
For Calibre Mining, the change in shareholders could introduce new dynamics, possibly affecting its stock volatility in the short term. For B2Gold, the influx of cash strengthens its balance sheet, providing potential for future investments or returns to shareholders through dividends or buybacks.
B2Gold’s strategic divestment aligns with a focus on corporate agility. The sale aids in capital reallocation without severing ties with Calibre Mining, suggesting a balanced approach to investment and partnership. This maneuver could be viewed as a way to optimize returns while maintaining a strategic foothold in Calibre.
Long-term, this action frees up capital which could be deployed into projects with higher expected returns or critical areas needing investment. Retail investors may see this as a sign of proactive management aiming for robust financial health and opportunistic growth strategies.
VANCOUVER, British Columbia, June 21, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces that it has sold an aggregate 79,000,000 common shares of Calibre Mining Corp. (“Calibre”) in the ordinary course for investment purposes by way of a block trade (the “Transaction”) for aggregate gross proceeds of C
B2Gold will be filing an early warning report under National Instrument 62-103 in connection with the sale of the Calibre shares, a copy of which will be available under Calibre’s profile on SEDAR+ at www.sedarplus.com.
Immediately prior to the Transaction, B2Gold owned 110,950,333 common shares of Calibre representing approximately
B2Gold’s decision to dispose of the common shares of Calibre pursuant to the Transaction was made as a result of investment considerations including price, market conditions, capital allocation priorities, and corporate strategy. B2Gold remains a supportive shareholder of Calibre and does not currently plan to make any additional changes to its interest.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
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FAQ
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