Kinross announces ownership of shares of Eminent Gold Corp.
Rhea-AI Summary
Kinross Gold Corporation (NYSE: KGC) has acquired 7,574,237 units of Eminent Gold Corp. at $0.40 per unit, for a total investment of $3,029,694.80. Each unit consists of one common share and half a share purchase warrant. The warrants allow holders to purchase additional shares at $0.70 per share within 24 months.
Through this acquisition, Kinross now owns approximately 9.9% of Eminent's outstanding shares on a non-diluted basis and 14.15% on a partially diluted basis. Kinross has agreed to a standstill provision limiting its ownership to 19.9% on a partially diluted basis. Prior to this investment, Kinross held no securities in Eminent.
Positive
- Strategic investment in Eminent Gold Corp. expands Kinross's portfolio exposure
- Potential for additional share acquisition up to 19.9% ownership
- Warrants provide opportunity for increased ownership at fixed price of $0.70 per share
Negative
- Significant cash outlay of over $3 million in current market conditions
- Investment subject to market risks and gold price fluctuations
News Market Reaction – KGC
On the day this news was published, KGC gained 4.76%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
(All dollar amounts are expressed in Canadian dollars, unless otherwise noted.)
TORONTO, May 05, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K, NYSE: KGC) announced today that it has acquired an aggregate of 7,574,237 units (each, a “Unit”) of Eminent Gold Corp. (“Eminent”) at a price of
Prior to the Acquisition, Kinross did not own or have control over any securities of Eminent. As a result of the Acquisition, Kinross acquired an aggregate of 7,574,237 Shares and 3,787,118 Warrants, representing approximately
An early warning report filed by Kinross in connection with the investment will be available on Eminent’s SEDAR+ profile at www.sedarplus.ca. Alternatively, you may contact Luke Crosby, Senior Vice President, General Counsel and Corporate Secretary at 647-788-4478 to obtain a copy of the report. Kinross is organized under the laws of the Province of Ontario and its head office is located at 25 York Street, 17th Floor, Toronto, Ontario M5J 2V5. Eminent’s head office is located at 1055 West Georgia Street, 1500 Royal Centre, PO Box 11117, Vancouver, British Columbia V6E 4N7.
Kinross acquired the Units for investments purposes. Kinross may, from time to time, increase or decrease its investment in the Issuer through market transactions, private placements, treasury issuances or otherwise, including pursuant to the terms of the Investor Rights Agreement between Kinross and the Issuer. Kinross has agreed to a standstill at
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 647-788-4153
victoria.barrington@kinross.com
_______________________________________
Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations and Communications
phone: 416-365-2854
InvestorRelations@kinross.com
Source: Kinross Gold Corporation
FAQ
What percentage of Eminent Gold Corp does Kinross Gold (KGC) now own?
How much did Kinross Gold (KGC) pay for its stake in Eminent Gold Corp?
What are the terms of the warrants in Kinross Gold's (KGC) Eminent Gold investment?
What is the maximum ownership stake Kinross Gold (KGC) can acquire in Eminent Gold?
