B2Gold Completes Upsized Offering of Convertible Senior Notes
News Release
B2Gold Completes Upsized Offering of Convertible Senior Notes
Vancouver, BC, January 28, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) has closed its previously announced offering of 2.75% convertible senior
unsecured notes due 2030 (the “Notes”) in an aggregate principal amount of US$460 million (the
“Offering”), which includes exercise of the full amount of the option to purchase an additional US$ 60
million aggregate principal amount of Notes. The initial conversion rate for the Notes is 315.2088 common
shares of the Company (“Shares”) per US$1,000 principal amount of Notes, equivalent to an initial
conversion price of approximately US$3.17 per Share.
The Company intends to use the net proceeds from the Offering to fund working capital requirements and
for general corporate purposes. In order to reduce interest expense, the Company will initially apply the net
proceeds to pay down the outstanding balanc e under the Company’s revolving credit facility (the
“Revolving Credit Facility”) and then subsequently use future draws on the Revolving Credit Facility to
fund such working capital requirements and for general corporate purposes.
In connection with the Offering, B2Gold entered into a cash settled total return swap with respect to
approximately US$50 million of Shares with one of the initial purchasers of the Notes . The total return
swap is intended to give B2Gold economic exposure to its Shares during the term of the total return swap,
which is expected to be approximately one month. In connection with establishing its initial hedge of the
total return swap, B2Gold has been advised that the total return swap counterparty or its affi liate has
purchased Shares at the close of trading on January 23, 2025. Such purchases may have, or have had, the
effect of increasing (or reducing the size of any decrease in) the market price of the Shares. Any unwind of
such hedge positions, including at settlement of the total return swap, may have the effect of decreasing (or
reducing the size of any increase in) the market price of the Shares or the Notes.
The Notes and the Shares issuable upon the conversion thereof have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or qualified by a prospectus in
Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under
the Securities Act or an applicable exemption from registration under the Securities Act.
This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other
securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or
any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The Notes were
offered only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act). Offers
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and sales in Canada were made only pursuant to exemptions from the prospectus requirements of applicable
Canadian securities laws.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in
2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project
under construction in northern Canada and numerous development and exploration projects in various
countries including Mali, Colombia and Finland.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
Investor Relations:
Michael McDonald Cherry DeGeer
VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
Source: B2Gold Corp.
This news release contains forward -looking statements which constitute “forward-looking information” within the
meaning of applicable Canadian securities legislation and “forward -looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forwa rd-looking
Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements
and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the Forward -looking Statements. The Forward-looking Statements in this
news release include, without limitation, statements relating to the Offering, the anticipated use of proceeds and
certain statements related to the total return swap. These Forward -looking Statements are based on certain
assumptions that B2Gold has made in respect thereof as at the date of this news release. Often, but not always, these
Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”,
“assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”,
“estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “shoul d” occur or be
achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of B2Gold to be materially different from any results, performance or
achievements expressed or impl ied by the Forward -looking Statements. Such uncertainties and factors include,
without limitation, risks relating to the need to satisfy the conditions set forth in the purchase agreement for the Notes;
the need to satisfy regulatory and legal requirements with respect to the Offering; as well as those factors discussed
under “Risk Factors” in B2Gold’ s Annual Information Form for the fiscal year ended December 31, 2023, a copy of
which can be found on the Company’ s profile on the SEDAR+ website at www.sedarplus.ca and on EDGAR at
www.sec.gov/edgar. Although B2Gold has attempted to identify important factors that could cause actual actions,
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events or results to differ materially from those described in Forward-looking Statements, there may be other factors
that cause actions, events or results to differ from those anticipated, estimated or intended.
B2Gold’ s forward-looking statements are based on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information available to management at such time. B2Gold’ s forward-
looking statements are based on t he opinions and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any
obligation to update forward-looking statements if circumstanc es or management's beliefs, expectations or opinions
should change other than as required by applicable law. There can be no assurance that forward -looking statements
will prove to be accurate, and actual results, performance or achievements could differ m aterially from those
expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities
B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking
statements.