Northern Star successfully raises $175 million to fund Pogo acquisition

  • Sep 03, 2018 AEST
  • Team Kalkine
Northern Star successfully raises $175 million to fund Pogo acquisition

Following to the trading halt announced on 30 September 2018, Northern Star’s stock took a leap of 18.10% to $8.220 in early trade today as the company announced successful completion of $175 million institutional placement.

Northern Star Resources Limited completed fully underwritten institutional placement of $175 million to fund support Pogo acquisition. The placement was done through the issue of approximately 26.1 million new shares at a discount price of $6.70 per share. The company also intends to offer FY18 full year dividend of 5 cents per share to the eligible placement shares. 

As the proceeds from placement are to be utilized to help fund US$260 million acquisition of high-grade 4.1Moz Pogo underground gold mine in Alaska, investors have shown strong support to the placement. The support was such that placement got heavily-oversubscribed.

Northern Star Executive Chairman Bill Beament stated: “Existing shareholders, fund managers and analysts from around the world have said they share our (NST) view that Pogo is an exceptional acquisition which meets our (NST) criteria of owning tier one assets with strong growth potential in Tier One locations.”

The settlement of placement is scheduled to be completed by 5 September 2018.

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