TORONTO, ONTARIO–(Marketwired – Nov. 23, 2015) –
(All amounts are expressed in United States dollars unless otherwise indicated.)
YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) (“Yamana” or the “Company”) hereby announces that its wholly-owned subsidiary Brio Gold Inc. (“Brio Gold”) has commenced a private placement of Brio Gold common shares, consisting of a primary offering by Brio Gold and a secondary offering by Yamana. The implied initial post-money valuation of Brio Gold based on the private placement is approximately $369.3 million.
The primary offering as currently planned will fully fund the near-term business plan for Brio Gold with the majority of proceeds expected to be applied towards the re-commissioning plan for C1 Santa Luz. C1 Santa Luz is expected to contribute approximately 100,000 ounces of gold per year when in full production and represents the potential for further value creation for Yamana’s residual interest going forward.