Centerra Gold to Buy 9.9% Stake in Liberty Gold for $20.3 Million

MT Newswires Live09-08

Centerra Gold (CGAU) will invest 28 million Canadian dollars ($20.3 million) to acquire a 9.9% stake in Liberty Gold in a private placement, Liberty said Monday.

Centerra has agreed to purchase 50.03 million shares at 0.56 Canadian dollar per share, representing a 10% premium to the 5-day volume weighted average price on the Toronto Stock Exchange, the company said.

Proceeds from the stake sale will be used to advance technical studies at the Black Pine mine in Idaho and for general corporate purposes, Liberty said.

The subscription is expected to close by Oct. 1, it added.

Centerra Gold shares were up 1.4% in recent premarket activity.

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