Yamana Gold said pre-market Friday it completed an offering pursuant to which it transferred over 17.3 million Brio shares at a price of CAD3.25 ($2.40) per share for total proceeds of CAD56.3 million.
As a result, the Canada-based gold miner said Brio Gold is now a standalone public company and that it continues to be a significant shareholder with an 85% stake in Brio Gold.
Yamana also said Brio shares have been approved for listing on the Toronto Stock Exchange and are slated to start trading under the “BRIO” ticker on Dec. 28.
The company said it will use the proceeds for general corporate purposes and to further lower its net debt.
“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,” said chairman and CEO Peter Marrone.