Yamana Gold to raise nearly C$300 million to cut debt

Mon Jan 12, 2015 5:35pm EST
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Jan 12 (Reuters) - Yamana Gold Inc said on Monday it entered into an agreement with bankers to raise up to C$299.3 million ($249.73 million) in a "bought" share issue deal to reduce debt and strengthen its balance sheet.

The Canadian gold miner said a syndicate of underwriters led by Canaccord Genuity Corp and National Bank Financial have agreed to buy the shares at C$5.30 each. Yamana's stock closed at C$5.60 on Monday.

An Argentine court-appointed arbitrator said this month that Yamana needs to pay $244 million to the director of a small gold company following a court ruling. Yamana is appealing the payment. ($1 = 1.1973 Canadian dollars) (Reporting by Nicole Mordant in Vancouver. Editing by Andre Grenon)