Yesterday, Clive Johnson's Calibre Mining Corp. (CXB) fell three cents to $1.86 on a whopping 86.4 million shares, 79 million of which were crossed in a single BMO Nesbitt transaction just before the open. Today, the seller of that block of stock identified itself as Clive Johnson's B2Gold Corp. (BTO). This is not all the Calibre stock that it owned -- B2Gold held nearly 111 million shares before the trade -- but it says that it "does not currently plan to make any additional changes to its interest" in Calibre. (If and when it does, B2Gold will no longer have to tell you, as its 14-per-cent interest in the company is now reduced to barely 5 per cent.)
Mr. Johnson, B2Gold's president and chief executive officer, says that his company's decision to sell the stock was "made as a result of investment considerations, including price, market conditions, capital allocation priorities and corporate strategy" -- the same reasons used by retail investors when they sell a board lot or two. Nevertheless, while Calibre's price was apparently ripe for selling and B2Gold wanted the cash for other strategies, Mr. Johnson and his crew insist that B2Gold "remains a supportive shareholder of Calibre." B2Gold added one cent to $3.63 on 16.84 million shares.
Blayne Johnson, Calibre's chairman, bid his major shareholder at least a partial adieu, extending his "sincere gratitude" to B2Gold for entrusting his company with the Nicaraguan assets upon which Calibre had been founded. That 2019 transaction, which followed several years of collaboration between the two companies in Nicaragua, saw Calibre issue 88 million shares to B2Gold along with $40-million (U.S.) in cash, a $10-million (U.S.) convertible debenture and a subsequent $15.5-million (U.S.) payment in exchange for B2Gold's El Limon and La Libertad projects.
As a result of B2Gold's reduced shareholding, Randall Chatwin, B2Gold's representative on Calibre's board of directors, has resigned. Nevertheless, Calibre cheered that B2Gold will continue to be a significant shareholder as it works to further build shareholder value. (Just not today, as Calibre fell six cents to $1.80 on 24.34 million shares on the news.)