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Centerra Gold raises C$195.5M to redeem Thompson Creek debt

Centerra GoldInc. said July 20 that it has raised C$195.5 million through abought-deal financing of 26,599,500 subscription receipts priced at C$7.35 pershare.

Underwriters fully exercised their overallotment option.

Net proceeds total about C$185.7 million and will be used topartially repay notes of ThompsonCreek Metals Co. Inc., which Centerra is acquiring in a deal worth an estimated US$1.1 billion.

Upon completion of the transaction, existing Centerra andThompson Creek shareholders will own about a 92% and 8% respective stake of theresulting entity on a fully diluted in-the-money basis.

The Thompson Creek transaction is expected to close in fall2016.

Major Centerra shareholder, Kyrgyzstan state-backedKyrgyzaltyn JSC,recently votedagainst the company's planned takeover of Thompson Creek, althoughit does not have the voting power to block the transaction, according toReuters.