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Kinross Gold Announces Ownership of Shares of Relevant Gold
(All dollar amounts are expressed in Canadian dollars, unless otherwise noted.) TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross”
About this update from Kinross Gold Corporation
[{"type":"text","content":" (All dollar amounts are expressed in Canadian dollars, unless otherwise noted.) TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K, NYSE: KGC) announced today that it has entered into an agreement to acquire 15,410,000 common shares (the “Shares”) of Relevant Gold Corp. (“Relevant Gold”) in a non-brokered private placement at a price of $0.30 per Share for total consideration of $4,623,000. Accordingly, as of today, taking into account the Shares already held by Kinross, Kinross is the deemed beneficial owner of Shares representing approximately 19.9% of the issued and outstanding Shares of Relevant Gold and is therefore required by applicable Canadian securities laws to issue this press release and file a corresponding early warning report. Prior to completion of the transaction, Kinross held 5,100,000 Shares, representing approximately 6.8% of the issued and outstanding Shares, and 2,550,000 Share purchase warrants of Relevant Gold (the “Warrants”), representing approximately 9.9% of the issued and outstanding Shares on a partially diluted basis assuming exercise of the Warrants. Following completion of the transaction, Kinross will own 20,510,000 Shares and 2,550,000 Warrants, representing approximately 19.9% of the issued and outstanding Shares on a non-diluted basis and approximately 21.8% of the issued and outstanding Shares on a partially diluted basis assuming exercise of the Warrants. Kinross has signed an undertaking not to exercise its Warrants if it would result in Kinross owning more than 20% of the issued and outstanding Shares until such time as Relevant Gold can obtain disinterested shareholder approval of the creation of a new control person. Kinross agreed to acquire the Shares as part of a strategic investment in Relevant Gold. Kinross may or may not purchase or sell securities of Relevant Gold in the future on the open market or in private transactions, depending on market conditions and other factors. Kinross currently has no other plans or intentions that relate to its investment in Relevant Gold. Depending on market conditions, general economic and industry conditions, Relevant Gold’s business and financial condition and/or other relevant factors, Kinross may develop other plans or intentions in the future. The transaction is subject to the satisfactio...