Gold miner Hochschild said on Friday that its Aclara Resources had been approved for a listing on the TSX, where it expects to begin trading on 10 December.
Aclara will issue 35.0m shares in the company at a price of CAD $1.70 (£1.0) each in order to raise gross proceeds of CAD $59.5m (£34.93m), while Hochschild Mining and chairman Eduardo Hochschild’s firm Pelham Investments, as well as certain other individuals, will purchase a further 39.35m shares at the offering price for a further CAD $66.90m (£39.28m).
Pelham also committed to purchase 9.86m shares as part of the offering, representing 28.2% of Aclara’s common shares offered up.
Hochschild originally signalled its intention to demerge its rare earths unit back in October.
As of 0915 GMT, Hochschild shares were down 0.47% at 127.30p.
