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UPDATE 1-Yamana Gold to cut stake in Brio unit to 21 pct in private placement

Published 2015-11-23, 05:17 p/m
© Reuters. UPDATE 1-Yamana Gold to cut stake in Brio unit to 21 pct in private placement
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(Adds financial details, background)
Nov 23 (Reuters) - Canada-based Yamana Gold Inc YRI.TO and
its wholly owned subsidiary Brio Gold Inc have started a private
placement of Brio shares, Yamana said on Monday, a move that
will reduce its stake in the unit to around 21 percent.
The placement will consist of a primary offering of Brio
Gold shares and a secondary share offering by Yamana.
Based on this placement, Brio Gold's value would be around
$369.3 million, Yamana said in a statement.
Yamana created Brio in December 2014 by parceling off some
of its non-core Brazilian assets into a subsidiary. It said in
April that it planned to list Brio in the third quarter as a way
to monetize the assets.
The majority of the funds from the primary offering will be
used to recommission Brio's C1 Santa Luz mine, which is expected
to contribute 100,000 ounces of gold a year at full production.
Yamana said it will raise around $208.5 million before fees
and commissions from the sale of most of its Brio stake. The
funds will be used for "general corporate purposes," it said.

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