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12/21/15

Catching up with Yamana (YRI.to) (AUY) and Brio Gold (aka Brio-X Gold)

Here's what IKN wrote about Yamana Gold (AUY) (YRI.to) on November 23rd, the day it announced the Brio Gold spin-off:


Seriously! I'm not joking, it says so right here:

YAMANA GOLD INC. (YRI.TO)(AUY) ("Yamana" or the "Company") hereby announces that its wholly-owned subsidiary Brio Gold Inc. ("Brio Gold") has commenced a private placement of Brio Gold common shares, consisting of a primary offering by Brio Gold and a secondary offering by Yamana. The implied initial post-money valuation of Brio Gold based on the private placement is approximately $369.3 million.
The primary offering as currently planned will fully fund the near-term business plan for Brio Gold with the majority of proceeds expected to (continues here)

And with a secondary, too...

Yes it's true, you gringos really will buy anything, won't you?
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And here's what YRI just came out with today, December 21:

YAMANA GOLD INC. (YRI.TO)(AUY) ("Yamana" or the "Company") herein announces that in the context of current market conditions and in consideration of recent positive operational developments at its wholly-owned subsidiary Brio Gold Inc. ("Brio Gold"), it has decided to suspend efforts relating to the monetization of Brio Gold. Yamana will continue to hold the Brio Gold assets within the Yamana portfolio of assets and continues here

We eat turkey for Christmas, Marrone eats crow. Though it must be admitted that this humble corner of cyberspace underestimated its audience, as it turns out you gringos won't buy just anything after all. And I can't remember which of my readers mailed in with the name, but they called it "Brio-X" at the time and we like that.

Any further questions?