On May 7, 2010, Red Back Mining Inc. completed a private placement of 24 million common shares to Kinross Gold Corporation for total proceeds of $600 million.
After completion of the transaction, Kinross holds 9.4 per cent of the outstanding common shares of Red Back.
Red Back (TSX: RBI) is engaged in the exploration, development and production of gold properties in West Africa. Kinross (TSX: K, NYSE: KGC) is a Canada-based gold mining company with mines and projects in the US, Brazil, Chile, Ecuador and Russia.
Blake, Cassels & Graydon LLP acted as counsel to Red Back, with a team that included Peter O'Callaghan, Trisha Robertson, Michelle Audet and Denis Silva.
Osler, Hoskin & Harcourt LLP acted as counsel to Kinross, with a team that included Douglas Bryce and James Brown.