On Apr. 15, Yamana Gold Inc. completed the sale of 12,000,000 units at a price of $10 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 Jan. 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, and such securities were sold on a private placement basis in the U.S. and other jurisdictions outside of Canada and the U.S.
Cassels Brock & Blackwell LLP acted for Yamana with a deal team that included Mark Bennett, Andrea FitzGerald, Greg Hogan, Jamie Litchen and Tiffany Chiu (securities and mining).
U.S. counsel for Yamana was Paul, Weiss, Rifkind, Wharton & Garrison LLP with a deal team that included Christian Kurtz.
Miller Thomson LLP acted for Stifel GMP and Cormark Securities Inc. with a deal team composed of Lawrence Wilder, Adam Kline, Jonathan Tong, Abid Ahmed and Neil Gurmukh (corporate tax).
U.S. counsel for the dealers was Nauth LPC with a deal team including Daniel Nauth.