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Premier Gold acquires Yamana's Mercedes gold-silver mine in Mexico

Yamana Gold Inc. completed the sale of its Mercedes gold-silver mine in Sonora, Mexico, to Premier Gold Mines Ltd., the companies said Oct. 3.

Under the deal, announced in July, Premier Gold paid US$122.5 million in cash plus 6 million shares and 3 million share purchase warrants as consideration.

Premier Gold will also grant Yamana a 1.0% net smelter return on the Mercedes mine upon the earlier of either 450,000 ounces of gold equivalent being produced at Mercedes after Sept. 30, or Sept. 30, 2022. Yamana was also granted a 2.0% net smelter return royalty on each of the La Silla property in Sinaloa, Mexico, and the La Espera property in Sonora, Mexico.

In addition, Yamana reported the sale of share purchase warrants to purchase 15 million shares of Sandstorm Gold Ltd. for net proceeds of about US$33.55 million, or approximately US$2.24 apiece. The warrants can be exercised at US$3.50 per share by Oct. 27, 2020.

The warrants were issued as part of metal purchase arrangements related to copper and silver that Yamana entered with Sandstorm Gold in 2015, the company said.

Yamana plans to use the total of about US$156 million in cash raised to reduce net debt. The company aims to cut net debt by US$300 million during a two-year period through 2017.