Yamana Gold Inc - gold, silver and copper mines in Canada, Chile, Brazil and Argentina - Completes acquisition of the Wasamac property and the Camflo property and mill from Monarch Gold Corp through its acquisition of all of the issued and outstanding shares of Monarch not already owned by Yamana under the previously announced plan of arrangement. Monarch completes a spin-out to its shareholders, through newly formed Monarch Mining Corp, of its other mineral properties and some other assets and liabilities.
Under the terms of the arrangement, each former holder of Monarch shares receives 0.0376 of a Yamana share, CAD0.192 in cash from Yamana, and 0.2 of a share of Monarch Mining Corp.
In total, Yamana issues 11.6 million shares worth CAD59.3 million, about USD47 million. Yamana now owns 4.5 million shares of Monarch Mining, or about 6.7% of the outstanding common shares of the firm.
"The addition of the Wasamac project to Yamana's portfolio further solidifies the company's long-term growth profile with a top-tier gold project in Quebec's Abitibi region, a prolific mining district where Yamana has deep operational and technical expertise and experience," company says.
Current stock price in London: 380.00 pence
Year-to-date change: down 11%
By Paul McGowan; paulmcgowan@alliancenews.com
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