Newmont sale of Novo @ $1.60 - help, this doesn't make senseHello folks,
First post on this site. Have enjoyed reading comments and have loved the ride up on Kirkland. It is certainly a very special company in a horrific industry.
So, does anyone understand this (see press release below)? It does not make sense to me..... as of September 10, Newmont owns 5.2M shares, down from 17.7M as of June 30, 2017 so this seems to be accurate and not dodgy fake news.. There is no way Newmont would sell for $1.60 when the Novo stock was trading at over $4 per share). I imagine I am missing something and will look foolish but if someone can be kind enough to point me in the right direction, it would be much appreciated.
If this is somehow true, then I have some serious concerns as Gary Goldberg and his $20B behemoth of Newmont are way smarter then all of us and would not give up a $29M for nothing!
"Newmont Canada FN Holdings ULC sold 11.8 million shares through a private agreement for CAD 1.6 per share. Upon closing, Newmont Canada FN Holdings ULC holds 5% stake or 5.9 million shares of Novo Resources Corp." CNW article: TORONTO, Sept. 1, 2017 /CNW/ - Newmont Canada FN Holdings ULC ("Newmont Canada") announced that on August 31, 2017 it sold 11,830,268 common shares ("Shares") in the capital of Novo Resources Corp. ("Novo") (TSX.V:NVO) representing approximately 9.9% of the total Shares outstanding through a private agreement for proceeds totalling CDN$18,928,428.80 or CDN$1.60 per Share. Newmont Canada's percentage ownership of Shares reduced from approximately 14.9% (17,760,000 Shares) to approximately 5.0% (5,929,732 Common Shares) as a result of the transaction.
Newmont Canada has no current intention to acquire any Shares, but may, depending on market and other conditions, acquire beneficial ownership or control of the Shares or other securities of Novo whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NEWMONT
CANADA FN HOLDINGS ULC
