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Announces Closing of Strategic Investment in Harry Winston
posted on
Mar 31, 2009 01:07PM
March 31, 2009
Kinross Announces Closing of Strategic Investment in Harry Winston
TORONTO, ONTARIO--(Marketwire - March 31, 2009) - Kinross Gold Corporation (TSX:K)(NYSE:KGC) ("Kinross") announced today the closing of its net US$150 million strategic investment in Harry Winston Diamond Corporation (TSX:HW)(NYSE:HWD) ("Harry Winston") that was announced on March 19, 2009.
Kinross has subscribed for new partnership units representing a 22.5% interest in the limited partnership which holds Harry Winston's 40% joint venture interest in the Diavik Diamond Mine, for a net effective subscription value of US$104.4 million. Kinross has also subscribed for 15.2 million treasury shares of Harry Winston at a price of US$3.00 per share, representing approximately 19.9% of the company's issued equity following the transaction, for an investment of US$45.6 million.
As part of the transaction, Thomas M. Boehlert, Executive Vice President & Chief Financial Officer of Kinross, will join the Harry Winston Board of Directors.
