American Barrick Resources (TSE) recently filed a preliminary prospectus for a $122.5-million public offering designed to enable the Toronto company to pay down debt and finance exploration and development on its existing properties. Consisting of five million common shares at $24.50 per share, the offering is being underwritten by Gordon Capital Corp., First Marathon Securities, Burns Fry Ltd., Goldman Sachs Canada, Trilon Securities Corp. and Bunting Warburg Inc. The shares will be offered for sale in Canada and Europe.
Shares of Barrick, which last year produced 467,837 oz. gold from seven gold mines in the U.S. and Canada, traded recently at $23.25 in a 52-week range of $26.13 and $12.50.
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