VANCOUVER - B2Gold (NYSE:BTG) Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G), a senior gold producer, has completed the sale of 79,000,000 common shares of Calibre Mining Corp., resulting in gross proceeds of C$139.04 million. This transaction has reduced B2Gold's interest in Calibre to under 10%, ceasing its status as a reporting insider.
Before the sale, B2Gold held approximately 14.1% of Calibre's common shares. The reduction in ownership means that B2Gold will no longer be obligated to file insider or early warning reports regarding its holdings in Calibre, except as mandated by law.
The decision to divest these shares was based on a variety of investment considerations, including share price, market conditions, and B2Gold's priorities for capital allocation and corporate strategy. Despite the reduced stake, B2Gold maintains a supportive position on Calibre and has indicated no current plans to further adjust its interest.
B2Gold, founded in 2007 and headquartered in Vancouver, Canada, is recognized as a low-cost gold producer on an international scale. The company operates mines in Mali, Namibia, and the Philippines, and is currently constructing the Goose Project in northern Canada. Additionally, B2Gold is involved in development and exploration projects in various countries, including Mali, Colombia, and Finland.
The sale of the Calibre shares is a strategic move for B2Gold as it continues to manage its portfolio of assets and investments. The company will file an early warning report detailing the transaction, which will be available on SEDAR+ under Calibre's profile.
This news has been reported based on a press release statement from B2Gold Corp.
InvestingPro Insights
In light of B2Gold's recent strategic sale of its shares in Calibre Mining Corp., several key metrics and InvestingPro Tips can offer additional insights into the company's financial health and future prospects. B2Gold holds more cash than debt on its balance sheet, indicating a strong position to manage its capital and investments effectively. Additionally, analysts predict that B2Gold will be profitable this year, which aligns with the company's proactive management of its asset portfolio, including the sale of Calibre shares.
InvestingPro Data reflects a market capitalization of $3.46 billion for B2Gold, underscoring its standing as a major player in the gold production industry. Despite a negative P/E ratio of -94.64, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a much more favorable 5.62, suggesting an improved earnings outlook. Moreover, the company boasts a significant dividend yield of 6.21%, which could be attractive to income-focused investors.
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