The largest gold producer, Barrick Gold Corp, announced its plans to sell off shares in order to raise nearly USD3.45 billion. The said funds would help in the reduction of its debts as it had increased this year when gold prices plunged worldwide.

The firm had agreed to sell off 163.5 million shares worth USD18.35 per share. The transactions is being called a brought deal and is being underwritten by a consortium led by Barclays Plc, GMP Securities and RBC Capital Markets. 

The said sale was confirmed by the Toronto based metals firm through a statement. Also included in the sale is an overallotment of an additional 24.5 million shares.

Barrick came under fire after gold prices fell by 21% this year. CEO Jamie Sokalsky had explored many cash saving options, such as its sale of it stake in copper as well as sale of its interest in a suspended project worth USD8.5 billion. According to individuals with knowledge on the matter, the said stake is in the Pascua-Lama project, which the company announced the halt to operations in order to conserve much needed finances.