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St Barbara to allow retail shareholders to back out of A$490M rights issue

St Barbara Ltd. has offered to allow retail shareholders to withdraw from a A$490 million rights offering following its recent move to slash its fiscal 2019 gold production guidance on lower volumes at the Gwalia gold mine in Western Australia, according to a June 4 news release.

"Following the market reaction to the announcement on May 31 regarding the fiscal 2019 Gwalia production guidance, applicants who applied for new shares under the retail entitlement offer may withdraw their application for new shares by 5 p.m. on June 7," the company said.

The company cut its production guidance to about 355,000 ounces from between 365,000 ounces and 375,000 ounces.

The rights issue will partly fund St. Barbara's C$722 million acquisition of Atlantic Gold Corp. The institutional component of the rights offer closed mid-May, raising A$355 million at A$2.89 per share.