On December 18, 2019, Teranga Gold Corporation completed a bought deal public offering of 27,541,000 subscription receipts at a price of $5.10 per subscription receipt for gross proceeds of approximately $140 million.
The offering was completed in connection with the proposed acquisition by Teranga of a 90% interest in the Massawa Gold Project in Senegal from a wholly-owned subsidiary of Barrick Gold Corporation. Upon the satisfaction or waiver of certain release conditions (including closing of the proposed acquisition of Massawa), each subscription receipt shall convert, without payment of additional consideration, into one common share of Teranga, subject to adjustments.
The offering was led by Cormark Securities Inc. and Canaccord Genuity Corp., and included Eight Capital, BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and Scotia Capital Inc.
Cassels acted for the underwriters with a deal team that included Chad Accursi, James Lyle, Jasmine Qin, and Florence Lau (Securities and Mining), Sam Massie (Financial Services), and Christopher Norton (Tax).