After several attempts to sell or spin off its Brazilian assets, Yamana Gold Corp.’s finally found some luck.
Late last week, the Canadian gold producer filed a final prospectus for its initial public offering of Brio Gold Corp., a new, separate company that will hold the Brazilian properties.
The deal was a tricky sell when it first launched in October, because unlike a traditional IPO, Yamana decided to do this one by way of a rights offering. Under these terms, existing shareholders were given the right to purchase stock in the new company. Normally, spin-outs involve offering the shares to a mix of new and existing shareholders.Report Typo/Error