B2Gold Sells 79 Million Shares of Calibre Mining Corp. (TSX: CXB) to New Investors

2 min read | June 24, 2024 02:09 AM EDT | By Team Kalkine Media

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B2Gold Sells 79 Million Shares of Calibre Mining Corp. (TSX: CXB) to New Investors — Image source: Shutterstock.com

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Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF), a prominent mining company, has announced a significant transaction involving B2Gold Corp. B2Gold has sold 79 million shares of its Calibre stake to new long-term shareholders at a price of C$1.76 per share. This arm’s length transaction introduces a new set of committed investors to Calibre’s shareholder base, which is expected to bolster the company's market position and future growth prospects.

Calibre's Board of Directors Undergoes Changes

In light of the transaction, B2Gold’s representation on the Calibre Board of Directors has seen changes. Randall Chatwin, B2Gold’s representative on Calibre’s Board, has resigned following the reduction in B2Gold’s ownership. Chatwin’s departure marks a significant shift in the governance dynamics of Calibre, allowing for potential new board appointments that align with the interests of the new long-term shareholders.

B2Gold Retains Minority Stake in Calibre

Despite the substantial share sale, B2Gold will maintain a minority stake in Calibre, holding 31,950,333 shares, which constitutes approximately 4% of Calibre’s issued and outstanding shares. This retained interest indicates B2Gold's continued confidence in Calibre's operations and strategic direction, albeit with a significantly reduced influence compared to its previous holding.

Implications for Calibre’s Future

The influx of new long-term shareholders is a positive development for Calibre, reflecting strong market confidence in the company's performance and potential. The capital raised from this transaction is likely to support Calibre's ongoing and future projects, enhancing its operational capabilities and growth trajectory.

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