DENVER, Sept. 10, 2018 /CNW/ - Newmont Mining Corporation (NYSE: NEM) Newmont (the Company) today announced that the Company has entered into a subscription agreement (the "Subscription Agreement") pursuant to which it purchased 29,213,186 common shares("Common Shares") of Orosur Mining Inc. ("Orosur") at a price of C$0.091 per Common Share for total consideration of US$2,000,000 (or C$2,658,400 based on an exchange rate of US$1 = C$1.3292) (the "Private Placement").
Prior to completion of the Private Placement, Newmont did not own any Common Shares. Following completion of the Private Placement, Newmont beneficially owns 29,213,186 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares.
Terms of the Subscription Agreement include Newmont's right to participate in future equity issuance to maintain its ownership stake in Orosur, and restrictions on Newmont acquiring more than 19.9% of Orosur's outstanding voting securities, each for a period of five years following closing.
Newmont acquired the Common Shares for investment purposes. Newmont will evaluate its investment in Orosur from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require, subject to the terms of the Subscription Agreement.
A copy of the early warning report filed by Newmont in connection with the acquisition will be available on Orosur's SEDAR profile. In order to obtain a copy of the early warning report, please contact Jessica Largent, Vice President, Investor Relations at Newmont, at telephone number: 303-837-5484 or e-mail at [email protected].
Newmont's head office is located at 6363 South Fiddler's Green Circle, Suite 800, Greenwood Village, CO 80111.
Newmont is a leading gold and copper producer. The Company's operations are primarily in the United States, Australia, Ghana, Peru and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015, 2016 and 2017. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of applicable securities laws that are intended to be covered by the safe harbors created by Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and other securities legislation, including statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "potential" or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding future investments in Orosur and participation in equity issuances. Forward-looking statements are subject to other factors that could cause actual results to differ materially from expected results. Investors should not place undue reliance on forward-looking statements. A number of factors that could cause actual results to differ materially from any forward-looking statement. For a discussion of such risks relating to Newmont's business and other factors, see the Company's most recent Form 10-K, filed with the Securities and Exchange Commission under the headings "Risk Factors" and "Forward-Looking Statements." Newmont does not undertake any obligation to release publicly revisions to any forward-looking statement to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk
SOURCE Newmont Mining Corporation