Brio Gold’s Purchase Rights Offering


Cassels Brock & Blackwell, Pinheiro Neto and Machado, Meyer, Sendacz e Opice have advised on the transaction

YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) (“Yamana” or the “Company”) herein announces the closing of its previously announced offering of purchase rights (the “Purchase Rights”) and related transactions pursuant to which Yamana has transferred common shares (“Brio Shares”) of Brio Gold Inc. (“Brio Gold”). A total of 17,324,507 Brio Shares owned by Yamana were transferred pursuant to the transactions at a price of C$3.25 per Brio Share for aggregate proceeds of C$56,304,648 to Yamana. The Purchase Rights expired on December 21, 2016.

As a result of the completion of these transactions, Brio Gold is now a standalone public company. Yamana continues to be a significant shareholder of Brio Gold, holding approximately 85% of the issued and outstanding Brio Shares.

The net proceeds from these transactions will be used for general corporate purposes and to further reduce net debt.

From a financial statement and reporting perspective, Yamana will continue to fully consolidate the results of Brio Gold, disclosing the earnings attributable to Yamana shareholders and Brio Gold earnings attributable to non-controlling shareholders. From an operational reporting perspective, Yamana will report the attributable production and costs associated with its interest in Brio Gold.

From an operational perspective, Brio Gold will be managed by a separate management and independent board of directors as a standalone public company.

Each of CIBC World Markets Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Cormark Securities Inc. acted in connection with the Purchase Rights and related transactions.

Cassels Brock & Blackwell LLP has advised Yamana Gold Inc. and Brio Gold Inc. with a team including Mark Bennett (Picture), Andrea FitzGerald, Gregory Hogan y James Morand. Asociados Jamie Litchen, Matt Gold, James Lyle, Stefanie Sebanc and Brittany Finn.

Pinheiro Neto Advogados has advised Yamana Gold Inc. and Brio Gold Inc. with Carlos A Vilhena de M Filho.

Machado, Meyer, Sendacz e Opice has advised CIBC World Markets Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Cormark Securities Inc. with Gustavo Rugani, Paulo Estevão Miranda and Arthur Miranda.

Involved fees earner: Mark Bennett – Cassels Brock & Blackwell LLP; Andrea Fitzgerald – Cassels Brock & Blackwell LLP; Gregory Hogan – Cassels Brock & Blackwell LLP; Matt Gold – Cassels Brock & Blackwell LLP; Stefanie Sebanc – Cassels Brock & Blackwell LLP; James Lyle – Cassels Brock & Blackwell LLP; James Morand – Cassels Brock & Blackwell LLP; Brittany Finn – Cassels Brock & Blackwell LLP; Gustavo Rugani Do Couto E Silva – Machado, Meyer, Sendacz e Opice; Paulo Estevão Miranda – Machado, Meyer, Sendacz e Opice; Arthur Miranda – Machado, Meyer, Sendacz e Opice; Carlos Vilhena – Pinheiro Neto;

Law Firms: Cassels Brock & Blackwell LLP; Machado, Meyer, Sendacz e Opice; Pinheiro Neto;

Clients: Canaccord Genuity; CIBC World Markets Corp.; Yamana Gold Inc.; National Bank Financial Inc.; Cormark Securities Inc.; Brio Gold Inc.;

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Author: Ambrogio Visconti