Yamana Gold Inc. reduced its stake in Brio Gold Inc. to 52.8% from 75.3% on a fully diluted basis after selling 26,667,000 Brio Gold common shares at C$3.00 each for C$80 million, according to a June 2 news release.

The offering was completed through a syndicate of underwriters co-led by Canaccord Genuity Corp., CIBC Capital Markets and National Bank Financial Ltd., and including RBC Dominion Securities Inc., TD Securities Inc., Eight Capital and Raymond James Ltd.

The underwriters have the option to purchase up to an additional 2,667,000 Brio shares at the same price within 30 days. If the overallotment option is exercised in full, the total gross proceeds to Yamana will be C$88 million.