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Yamana closes Brio Gold purchase rights offering for C$56.3M

Yamana Gold Inc. closed its offering of purchase rights and related transactions related to taking its Brio Gold Inc. spin off public.

The company transferred 17,324,507 common Brio Gold shares priced at C$3.25 apiece for aggregate proceeds of C$56.3 million, according to its Dec. 23 news release.

Yamana outlined plans in October to spin off Brio Gold as a standalone public company, after first flagging the move in April 2015. The company will use the proceeds for general corporate purposes and to further reduce net debt.

The Brio Gold shares are expected to start trading on the TSX under the trading symbol BRIO on Dec. 28.

Brio Gold holds the Fazenda Brasileiro and Pilar gold mines and the C1 Santa Luz gold project in Brazil, as well as the Agua Rica copper-gold project in Argentina.