20:44:29 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,577,478
Close 2018-03-08 C$ 15.16
Market Cap C$ 17,685,314,566
Recent Sedar Documents

Globe says Goldcorp, others step up junior financing

2018-03-09 08:43 ET - In the News

See In the News (C-G) Goldcorp Inc (2)

The Globe and Mail reports in its Friday edition that junior mining companies are increasingly turning to senior firms for capital, as traditional bought-deal financing becomes a riskier gambit in a difficult market for commodity plays. The Globe's Niall McGee writes that bought deals, which see investment dealers purchase stock from an issuer at a discount and then flip those securities to third party investors, are getting harder to pull off. It is a trend that is especially evident among junior miners. Last year, even in the midst of a rebounding initial public offering market and a buoyant environment for mergers and acquisitions, the value of mining bought deals cratered. Canadian companies raised $3.3-billion in secondary mining financings in 2017, down 44 per cent from $5.9-billion in 2016. "Traditional capital raising in the mining sector is a much more difficult proposition," said David Cobbold at Macquarie Capital Markets. According to Macquarie, $598-million was raised last year through 41 separate strategic investments into miners on the Toronto Stock Exchange. Those transactions saw seniors such as Goldcorp, Barrick, Newmont and Agnico Eagle either initiate or add to positions in juniors.

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