UPDATE 1-Barrick boosts equity offering to up to $4 bln
10:01 EDT Wednesday, September 09, 2009
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* Equity offering boosted to $4 bln, incl over-allotment
* Company plans to eliminate fixed-price gold hedges
* Shares halted
(In U.S. dollars, unless noted)
TORONTO, Sept 9 (Reuters) - Barrick Gold Corp will raise the value of an announced equity offering to $4.03 billion from the previous maximum of $3.45 billion, according to a U.S. securities filing on Wednesday.
Barrick, the world's top gold producer, said on Tuesday it would issue at least $3 billion in stock and use the proceeds to eliminate all of its fixed-price gold hedges and a portion of its floating hedges.
Including an over-allotment option, the value could have gone as high as $3.45 billion.
Barrick will take a $5.6 billion charge against its third-quarter results due to the move.
The company's shares were halted prior to the news release on Wednesday. ($1=$1.08 Canadian) (Reporting by Cameron French, editing by Gerald E. McCormick)