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Tuesday, March 23, 2010

Barrick Gold (TSE:ABX) Gets $887 Million in IPO

Barrick Gold IPO Results for Africa Barrick Gold

While it was a little disappointing and on the low end of what they had hoped for, Barrick Gold (TSE:ABX) raised $887 million in their spinoff of their African buinsess named African Barrick Gold.

Barrick was able to sell 101 million shares in the new company for 575 pence each. The high end of what they had hoped for would have brought them 650 pence a share. The lower end was 550 pence a share, so it wasn't a disaster in that regard.

Africa Barrick Gold entails four mines in Tanzania at this time.

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