To increase its working capital and provide financing for corporate purposes including possible acquisitions, Battle Mountain Gold has announced a three-for-two stock split through a stock dividend.
Under the terms of the offering, one additional share of Battle Mountain common stock will be issued with respect to each two shares held of record at the close of business on Oct 13.
Certificates representing the additional shares will be mailed on Oct 21. The Houston, Tex., company says it expects to retain its annual 10 cents -per-share dividend rate, which will, in effect, increase the yield on Battle Mountain shares.
The company plans to make an underwritten public offering of 3,500,000 shares of its common stock, or 5,250,000 shares after giving effect to the pending three-for- two stock split.
According to Chairman Douglas Bourne, the offering is scheduled for either late October or early November and it will be made only through a prospectus.
Battle Mountain’s chief asset is the Fortitude open pit gold/silver mine at Lander City, Nev. It produced 267,000 oz gold and 902,000 oz silver in 1986.
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