Yamana Gold Closes Brio Gold Purchase Rights Offering; Brio to Begin Trading on TSX
Yamana Gold Inc. (TSX: YRI / NYSE: AUY) has closed the previously announced purchase rights offering in relation to the spinout of Brio Gold Inc. Shares of Brio will commence trading on the TSX on December 28, 2016 under the ticker symbol "BRIO".
A total of 17.33 million Brio Shares owned by Yamana were transferred pursuant to the transactions at a price of C$3.25 per Brio Share for aggregate proceeds of C$56,304,648 to Yamana. Yamana continues to be a significant shareholder of Brio, holding approximately 85% of the issued and outstanding shares.
Peter Marrone, Chairman and Chief Executive Officer of Yamana Gold commented as follows: "Yamana has achieved another milestone in its effort to realize, and maximize, value from its Brio Gold subsidiary. Now that Brio Gold is a standalone public company, we believe that its immediate value and value potential will be better realized. It is Yamana's intention to work with the management and board of directors of Brio Gold to help realize that value. We will continue to consider all efforts that will realize better and full value."
About Yamana Gold
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Brazil, Argentina, Chile, and Canada. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and, at times, by targeting other gold consolidation opportunities with a primary focus in the Americas.
Source: Yamana Gold