Business
Kinross Gold Agrees to Purchase Shares of X-Cal
Kinross Gold Agrees to Purchase Shares of X-Cal.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\n>\n\nTORONTO, Aug. 9 /CNW/ - Kinross Gold Corporation (TSX: K, NYSE: KGC)\n(\"Kinross\") wishes to advise that they have entered into an agreement whereby\nX-Cal Resources Ltd. (\"X-Cal\") has agreed to issue and sell to Kinross, on a\nprivate placement basis, 3.5 million common shares of X-Cal at a price of\nC$0.32 per share.\nThis private placement remains subject to regulatory approval and\ncompletion of certain closing conditions. Upon completion of the private\nplacement, Kinross will beneficially own a total of 13 million X-Cal common\nshares, representing approximately 10.5% of the X-Cal issued and outstanding\ncommon shares. Kinross has agreed to acquire these additional securities for\ninvestment purposes.\n\nParacatu and Fort Knox technical reports filed\n\nKinross announced last week that it had approved an investment of\n$470 million in its Brazilian subsidiary for an expansion of its Paracatu\nmine. Also, along with Crown Resources, it announced that the proxy\nstatement/circular in respect of the Crown transaction would be mailed to\nshareholders and a meeting will be held on August 31, 2006. In connection with\nthese announcements Kinross has filed with Canadian securities regulators\nupdated technical reports prepared in accordance with National Instrument\n43-101 for its Fort Knox and Paracatu mines. The new technical reports will be\navailable for review at www.SEDAR.com.\n\nCaution Concerning Forward-Looking Statements\n\nThis release and related documents may contain certain \"forward-looking\nstatements\" including, but not limited to, completion of the private placement\non the terms announced (if at all), receipt of regulatory approval, and the\nnumber and percentage of X-Cal shares owned by Kinross. Forward looking\nstatements are statements that are not historical facts and are subject to a\nvariety of risks and uncertainties which could cause actual events or results\nto differ materially from those reflected in the forward-looking statements,\nincluding, without limitation: regulatory risks, results of due diligence\ninvestigations and transaction risks.\nForward-looking statements contained in this release and related\ndocuments are based on the beliefs, estimates and opinions of management on\nthe date the statements are made. There can be no assurance that such\nstatements will prove accur...