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Hochschild backs Tiernan's reverse takeover of Railtown, CAD $35m raise planned
(Sharecast News) - Silver and gold mining business Hochschild Mining said on Tuesday that its Tiernan Gold subsidiary had entered into a definitive agreement to complete a reverse takeover of Railtown Capital, with the combined entity to be renamed Tiernan Gold Corp on completion. Hochschild said the deal, dated 6 October, will see Tiernan acquire Railtown under a business combination agreement, paving the way for a public listing on Toronto's TSX Venture Exchange.
As part of the transaction, Tiernan has launched a brokered private placement targeting CAD $35m (£18.66m), led by Canaccord Genuity and BMO Capital Markets, with support from Raymond James and Haywood Securities. Proceeds will be used to advance the Volcan gold project.
Hochschild also plans to sell part of its stake in Tiernan via a secondary offering, boosting liquidity in the newly listed shares.
As of 0850 BST, Hochschild shares were down 0.98% at 380.83p.
Reporting by Iain Gilbert at Sharecast.com
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