Toronto-listed Yamana Resources has closed a financing with Barrick Gold (TSE) that will aid its exploration efforts on the Indonesian island of Kalimantan.
The financing effectively converts US$7.2 million of the US$14.7-million loan from Barrick into roughly 3 million shares units of Yamana. Each unit consists of one common share and half a share purchase warrant.
Barrick now owns 14.65% of the issued and outstanding shares of Yamana. It is obligated, under its agreement with Yamana, to buy a portion of any further equity issue completed by Yamana.
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