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Yamana Gold raises $152 mln to pay off credit facility

Published 2015-10-27, 12:21 p/m
© Reuters. Yamana Gold raises $152 mln to pay off credit facility
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Oct 27 (Reuters) - Yamana Gold Inc YRI.TO said on Tuesday
it has raised $148 million in cash in three metal purchase
agreements with mining finance company Sandstorm Gold Ltd
SSL.TO , funds it will use to reduce the outstanding balance on
its revolving credit facility.
Under the so-called "streaming" deals, Sandstorm will pay
Toronto-based Yamana an additional $4 million in six months'
time.
Yamana's shares rose 3 percent to C$3.26 on the Toronto
Stock Exchange.
The agreement is the latest in a string of streaming deals
by mining companies as they try repair their balance sheets
after four years of weak metals prices. urn:newsml:reuters.com:*:nL1N11R1U4
In streaming transactions, mining finance companies such as
Sandstorm provide miners with cash upfront in exchange for a
portion of the future, usually byproduct, production from a
mine.
Yamana's agreement with Sandstorm includes silver, copper
and gold purchase transactions on production from several of
Yamana's mines and projects in South America.
Yamana also said it was still working on ways to monetize
its Brio subsidiary, which contains some of its non-core assets
in Brazil. Alternatives include an initial public offering,
reverse takeover, joint venture with private equity firms, or a
sale or merger.

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