representative work

Yamana Gold Completes Sale of Equinox Gold Shares and Warrants

04/15/2020

On April 15, 2020, Yamana Gold Inc. completed the sale of 12,000,000 units at a price of $10.00 per unit, for gross proceeds to Yamana of $120 million. Each unit was comprised of one common share of Equinox Gold Corp. owned by Yamana and 0.5 of a common share purchase warrant of Yamana. Each whole warrant entitles the holder thereof to purchase one additional common share of Equinox owned by Yamana on or before January 15, 2021, at an exercise price of $13.50.  In the event all warrants are exercised, an additional $81 million will be paid to Yamana, for total gross proceeds under the sales transaction of $201 million.

The units were sold on behalf of Yamana through Stifel GMP and Cormark Securities Inc.  The shares were sold through block trades in Canada and the warrants were issued on a private placement basis.

Cassels acted for Yamana with a deal team that included Mark Bennett, Andrea FitzGerald, Greg Hogan, Jamie Litchen and Tiffany Chiu (Securities and Mining).