New York investment management firm Paulson & Co will significantly increase its shareholding in Midas Gold, which plans to develop the Stibnite gold project, in Idaho.
The Toronto-listed mining company announced on Wednesday that Paulson, on behalf of several investment funds and accounts managed by it, would exercise the conversion feature on the convertible notes of $82.10-million for a total of 199 692 804 common shares in Midas Gold.
This would result in Paulson holding about 44.12% of the company’s outstanding common shares. Prior to the conversion, Paulson held 9 664 520 common shares, representing a shareholding of 3.52%.