Harry Winston, Kinross Close $150 Million Deal

Kinross Gold announced Tuesday the closing of its $150 million strategic investment in Harry Winston Diamond. Following the completion of the agreement, Thomas M. Boehlert, executive vice president and chief financial officer of Kinross, will join the Harry Winston board of directors.

Kinross has subscribed for new partnership units representing a 22.5 percent interest in the limited partnership which holds Harry Winston's 40 percent joint venture interest in the Diavik diamond mine, for a net effective subscription value of $104.4 million.

Kinross has also subscribed for 15.2 million treasury shares of Harry Winston at a price of $3 per share, representing approximately 19.9 percent of the company's issued equity following the transaction, for an investment of $45.6 million.