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Barrick deal closes, no ‘cleanup trade’ expected Add to ...

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Barrick Gold Corp. has closed its $3-billion (U.S.) share sale, and is expected to hand any remaining unsold shares to the underwriters who are liable for them, rather than re-pricing the unsold portion in one fell swoop.

Once a bought deal closes, the underwriters have the option to either collectively cut the price on any remaining shares in order to sell them, or they can all agree to simply take the unsold shares that each dealer is liable for and do what they like with them. Barrick’s deal closed on Thursday morning, and the latter option is on the table, according to someone familiar with the transaction.

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