CPPIB shedding shares of Canadian gold mine developer

CPPIB Credit Investments Inc., a wholly owned subsidiary of the Canada Pension Plan Investment Board, is selling 10 million shares in Battle North Gold Corp.

The shares of the Canadian gold mine developer, formerly known as Rubicon Minerals Corp., sold for $1.85 per share for a total aggregate sale price of $18.5 million.

Read: Caisse buying return royalty on gold at Quebec-based mine

While the sale brings CPPIB Credit’s shares in Battle North to zero, the CPPIB continues to own 9,347 shares. In total, the CPPIB’s security holding percentage in the company is down from 10.45 per cent to less than 0.01 per cent.

CPPIB Credit sold the shares for “investment reasons,” according to a press release.