By  on March 19, 2009

In an alliance between two Toronto-based firms, Kinross Gold Corp. will invest $150 million for a direct stake in Harry Winston Diamond Corp. and an indirect interest in its minority holdings in the Diavik diamond mine.

According to terms of the agreement, Kinross will buy 15.2 million shares of Harry Winston at $3 a share, equaling about 19.9 percent of shares outstanding following the transaction. With the remaining $104.4 million of its investment, Kinross will acquire a 22.5 percent interest in the 40 percent joint-venture interest Harry Winston holds in the Diavik Diamond Mine in Canada’s Northwest Territories.

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