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Hochschild Mining PLC on Wednesday said Canadian subsidiary Tiernan Gold Corp has closed a private placement, advancing plans for a reverse takeover and listing of the gold business. Tiernan raised gross proceeds of C$58.4 million, about £31.8 million, through the brokered sale of 11.7 million subscription receipts at C$5.00 each. The receipts will convert into one Tiernan common share and half a warrant upon release of funds from escrow. Each full warrant will allow holders to buy a Tiernan share at C$6.50 for 24 months after closing. The offering includes C$40.0 million from a treasury issuance and C$18.4 million from a secondary sale. Hochschild said it expects to receive C$16.5 million from the secondary component. Following completion of the reverse takeover and financing, Hochschild will retain around a 70% stake in Tiernan, or 62% on a fully diluted basis. Shares in Hochschild Mining were up 3.5% at 372.80 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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