BHP will be SolGold's largest shareholder

SMM11, March 26: BHP invests another $22 million in SolGold. Under the agreement, BHP will subscribe for 77 million shares in SolGold at a total subscription price of more than £17 million. The investment will increase BHP's interest in SolGold from 11.1 per cent to 14.7 per cent, replacing Newcrest Mining, as the largest shareholder in SolGold.

BHP has agreed to pay SolGold shares at 22.15p a share, a 9.3 per cent premium to the London Stock Exchange's 20-day volume-weighted average price of 20.26p.

Under the subscription terms, BHP will also receive options for more than 19.25 million SolGold shares, which can be exercised at a price of 37p per share by November 25, 2024.

SolGold is an Australian gold and copper mining company that owns the Cascabe copper and gold project in Ecuador. With the support of BHP, SolGold will finance further exploration of the Alpala deposit in Cascabe. The company is conducting research for the Alpala deposit, which is expected to be completed by the end of the first quarter of 2020.

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