Barrick Gold Corp -
Instalment receipts to be listed on the TSE
Barrick Gold Corp
ABX
Shares issued 372817172
1998-01-30 close $28.35
Monday Feb 2 1998
Further to exchange bulletins 98-104 dated January 26 1998 and
98-130 dated January 29 1998, instalment receipts representing
24,896,026 common shares (which are already listed) of Barrick
Gold will be listed at the opening on Tuesday, February 3 1998. The
common shares represented by these instalment receipts are being
sold on a secondary basis pursuant to a prospectus dated January 28
1998 at $26.40 per common share payable in two instalments. The
first instalment of $15.80 is payable on closing and the final
instalment of $10.60 is payable on or before February 3 1999.
Symbol:
ABX.IR
Cusip No:
067901 30 6
Other markets:
The instalment receipts will also be listed on the
Montreal Exchange.
The listing of the instalment receipts will occur in anticipation of the
closing of the public offering of such securities which is expected to
be completed prior to the opening on February 3 1998. Upon the
closing of the prospectus offering, there will be no further trading in
the instalment receipts under the symbol ABX.IR.W and all trades
in the instalment receipts are to be made under the symbol ABX.IR.
In addition, upon closing of the prospectus offering, there will be no
further trading in the fully paid common shares (as defined in
exchange bulletin 98-130) under symbol ABX.W and all trades in
the fully paid common shares are to be made under the symbol
ABX.
The following is a summary of some of the terms of the instalment
receipts:
Instalments: The first instalment of $15.80 per common share is
payable on closing of the public offering. The final instalment of
$10.60 per common share is payable on or before 5:00 pm (local
time) on February 3 1999. As soon as practicable after payment of
the final instalment, the registered holders of instalment receipts will
receive certificates representing the underlying common shares of
the company. If the final instalment is not paid by the final
instalment date, the instalment receiptholders shall have no further
right to pay the final instalment and Trizec Hahn Corp and 1094705
Ontario (the selling securityholders) may, upon compliance with
applicable law, reacquire the common shares represented by such
instalment receipts in full satisfaction of the registered holder's
obligation to pay the final instalment payment. Alternatively, such
common shares may be sold and the registered holder of the
instalment receipts representing such common shares shall remain
liable for any deficiency if the proceeds of such sales are insufficient
to cover the amount of the final instalment payment and the cost of
such sales (such costs not to exceed $1.00 per common share).
General: Prior to receipt by the custodian of the final instalment,
beneficial ownership of the common shares will be represented by
instalment receipts and the common shares will be pledged by the
underwriters to the selling securityholders pursuant to the terms of
the instalment receipt and security agreement. Upon payment of the
final instalment, registered holders of instalment receipts will become
registered holders of common shares.
The instalment receipt and security agreement further requires that
the custodian mail to the holders of instalment receipts as
determined on a date being no more than 14 days before the date of
the mailing, a notice of the final instalment date, together with the
amount of the final instalment not more than 60 days and no less
than 30 days prior to the final instalment date. Payment of the final
instalment is required when due whether or not a holder of
instalment receipts receives a notice of the final instalment date from
the custodian.
Rights and Privileges: Holders of instalment receipts will have the
same rights and privileges, and will be subject to the same
limitations, as holders of common shares except as limited under the
instalment receipt and security agreement in order to protect the
value of collateral secured by the pledge to the selling
securityholders over the common shares. Holders of instalment
receipts will be entitled to participate in all distributions in respect of
the common shares represented by such instalment receipts, to
exercise the votes attached to the common shares represented by
such instalment receipts, and to receive periodic reports and other
materials as if it were the holder of the common shares.
(c) Copyright 1997 Canjex Publishing Ltd.
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