Yamana raises $75 million

The money tap continues to flow for small gold producers, with Yamana Gold (YRI-T) the latest to arrange a large financing.

Yamana plans a 21.8-million-share issue priced at $3.45 for gross proceeds of $75 million, in a bought deal underwritten by Canaccord Capital. Unlike other recent financings, there are no warrants attached to the shares. Canaccord also has the option to take up another 7.2 million shares at the issue price, which would raise a further $25 million.

Yamana plans to file a short form prospectus with Canadian securities regulators; in the United States it plans to have the shares exempted as a private placement. Once regulatory approvals are in hand, Yamana expects to close the financing around Nov. 9.