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Barrick Gold Agrees To Buy Remaining Acacia Mining Shares For 232 P/share

Acacia Mining plc (ACA.L) announced Friday that it has reached terms of a recommended offer, under which Barrick Gold Corp. (GOLD,ABX.TO) will acquire all Acacia shares which it does not already own.

It is intended that the acquisition will be implemented by means of a court-sanctioned scheme of arrangement.

Under the deal terms, each Scheme Shareholder will receive 0.168 New Barrick Shares and any Acacia Exploration Properties Special Dividends and any Deferred Cash Consideration Dividends.

The terms of the Share for Share Exchange Ratio imply a value of approximately 232 pence per Acacia Share. The total consideration would be approximately 343 million pounds or $428 million for Acacia minority shareholders. The total value for Acacia would be approximately 951 million pounds.

Barrick currently owns 262.25 million Acacia Shares, representing approximately 63.9 percent of Acacia share capital.

The offer represents a premium of 53.5% to the closing price of 151 pence per Acacia Share on May 20, the last business day prior to the announcement of a possible offer by Barrick for Acacia.

It also represents a premium of 24.2% to the closing price of 187 pence per Acacia Share on July 18, the last business day before this Announcement.

Under the terms of the acquisition, Barrick has agreed, for the benefit of all Acacia Shareholders, to undertake a sales process to realise value for the Sale Exploration Properties.

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