All amounts expressed in U.S. dollars unless otherwise indicated
TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick” or the “Company”) today announced that Executive Chairman John L. Thornton has purchased 2,271,029 additional common shares in the Company at an average price of $11.11 per share, nearly doubling his total shareholding in Barrick to 5,000,000 shares.1
Based on the exchange ratio of 6.128 Barrick shares for each share of Randgold Resources Limited (“Randgold”) under the recommended all-share merger between the two companies, the Randgold ordinary shares held by Mark Bristow are expected to convert into 5,141,600 Barrick shares following the completion of the merger, after which Mr. Bristow will become Barrick’s President and Chief Executive Officer.
Ownership is a core element of Barrick’s partnership culture. Under the Global Barrick Share Plan launched in 2016, all Barrick people receive common shares on an annual basis, tied to Company performance. These shares must be held until an individual retires or leaves the Company. Barrick also matches share purchases by those who work at the Company, up to $4,000 per year.
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1 Mr. Thornton owns 3,985,219 Common Shares directly and 59,970 Common Shares indirectly through a Rollover IRA and 500,000 Common Shares indirectly through a Grantor Retained Annuity Trust. Mr. Thornton also exercises control or direction over 240,600 Common Shares held in the names of his wife and children. In addition, 214,211 Common Shares are held in family trusts for the benefit of Mr. Thornton’s children and for which his wife is the trustee. Mr. Thornton does not have beneficial interest in or control over these Common Shares held in trust.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. In particular, this press release contains forward-looking statements with respect to (i) completion of the recommended all-share merger between Barrick and Randgold, (ii) the number of Barrick shares into which Mark Bristow’s Randgold ordinary shares are expected to convert following completion of the merger, (iii) Mark Bristow becoming Barrick’s President and Chief Executive Officer following the merger and (iv) issuances of common shares under the Global Barrick Share Plan.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Barrick in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.