On January 21, 2021, Yamana Gold Inc. completed its acquisition of the Wasamac property and the Camflo property and mill from Monarch Gold Corporation through its acquisition of all of the issued and outstanding shares of Monarch not owned by Yamana under a plan of arrangement. In connection with the arrangement, Monarch completed a spin-out to its shareholders, through newly formed Monarch Mining Corporation, of its other mineral properties and certain other assets and liabilities. Each former holder of Monarch shares received 0.0376 of a Yamana share, $0.192 in cash from Yamana and 0.2 of a share of Monarch Mining. The total value of the consideration paid by Yamana pursuant to the arrangement was approximately $152 million.
Cassels acted for Yamana.