Copper Update - Additional interest in SolGold

LONDON, Oct. 19, 2018 /CNW/ - BHP has today completed its acquisition of an additional 100 million ordinary shares (Ordinary Shares) in SolGold Plc (SolGold) pursuant to the share subscription agreement with SolGold (Subscription Agreement) as announced on 15 October 2018.

BHP has agreed to pay 45 pence per SolGold share (C$0.77 per share, based on the daily average exchange rate published by the Bank of Canada on 18 October 2018), which represents a 32 per cent premium to the 20 day volume-weighted average London Stock Exchange price of 34 pence per share as determined on 15 October 2018. 

Total consideration paid for the additional Ordinary Shares was £45 million (C$76.7 million, based on the daily average exchange rate published by the Bank of Canada on 18 October 2018).

Following completion of the private placement by SolGold, BHP has increased its interest in SolGold from 103.1 million Ordinary Shares (representing 6.0¹ per cent of the issued and outstanding Ordinary Shares) to 203.1 million Ordinary Shares (representing 11.2 per cent of the issued and outstanding Ordinary Shares).

The Ordinary Shares were acquired for investment purposes and BHP currently has no other plans or intentions that relate to its investment in SolGold. However, depending on market and economic conditions, the business and prospects of SolGold and/or other relevant factors, BHP may in the future develop such plans or intentions and at such time BHP may, from time to time and subject to the terms of the Subscription Agreement, increase or decrease its investment in SolGold through market transactions, private agreements, treasury issuances or otherwise, or hold discussions with or make formal proposals to management or the board of directors of SolGold, other shareholders of SolGold or other third parties regarding such matters.

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¹ As at 4 September 2018, BHP held a 6.1 per cent interest in SolGold, which has been diluted to 6.0 per cent as at 12 October 2018 as a result of the exercise of options by third parties.

A copy of the early warning report filed in connection with this press release will be available on SolGold's profile on SEDAR at www.sedar.com or may be obtained by contacting Rachel Agnew at [email protected] or [phone].

Details of purchaser and issuer

BHP Billiton Holdings Limited is the BHP entity which holds the SolGold shares. It is a wholly owned subsidiary of BHP Billiton Plc, registered in England and Wales, with a registered address at Nova South, 160 Victoria Street, London SW1E 5LB.

SolGold is listed on the London Stock Exchange and the Toronto Stock Exchange. SolGold's head office is located at Level 27, 111 Eagle Street, Brisbane, Queensland, 4000.

Further information on BHP can be found at bhp.com

SOURCE BHP

BHP Billiton Limited ABN 49 004 028 077, LEI WZE1WSENV6JSZFK0JC28, Registered in Australia, Registered Office: Level 18, 171 Collins Street, Melbourne Victoria 3000 Australia, Tel [phone] Fax [phone]; BHP Billiton Plc Registration number 3196209, LEI 549300C116EOWV835768, Registered in England and Wales, Registered Office: Nova South, 160 Victoria Street, London SW1E 5LB United Kingdom, Tel [phone] Fax [phone]