Yamana Gold Stock (AUY) Downtrend Channel Breakout

  • Post category:Stock Trading
  • Reading time:3 mins read
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Yamana Gold stock (AUY) formed a downtrend channel breakout on March 17, 2023. The stock is making a move to retest its February 2023 high at $6.26.

Yamana Gold stock chart on March 19 2023 with a downtrend channel breakout
Yamana Gold stock chart on March 19, 2023, with a downtrend channel breakout

Yamana and Pan American Shareholders Approve Proposed Transaction

TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) — Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or the “Company”) is pleased to announce that at a special meeting of shareholders held earlier today (“the Meeting”), Yamana shareholders voted overwhelmingly in favour of the special resolution (the “Arrangement Resolution”) approving the previously announced acquisition by Pan American Silver Corp. (“Pan American”) of all of the issued and outstanding common shares of the Company following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana’s interests in the Canadian Malartic mine, to Agnico Eagle Mines Limited (“Agnico Eagle”), all by way of a plan of arrangement under the Canada Business Corporations Act (the “Proposed Transaction”).

In addition to the approval by Yamana shareholders, Pan American shareholders approved the issuance of Pan American common shares in connection with the Proposed Transaction at a special meeting of Pan American shareholders held earlier today. No approval is required from Agnico Eagle shareholders for the Proposed Transaction.

Peter Marrone, Executive Chairman, Yamana Gold commented, “I would like to thank the Yamana shareholders for their support and express my gratitude to each and every member of the Yamana team, past and present, who have been a part of this incredible journey. I am truly proud of everything we have achieved together, having taken Yamana from a single asset to a senior gold producer in less than two decades. Through this transaction with Pan American and Agnico Eagle, I believe we have delivered a value enhancing opportunity for our shareholders, in a market that is not currently rewarding growth, whilst also establishing the critical mass and scale that this sector desperately needs for future success. Following the positive outcome of the shareholder votes today, we look forward to working closely with the Pan American and Agnico Eagle leadership as we progress this transaction through to completion.”

The Proposed Transaction is expected to be completed during the first quarter of 2023, subject to approval by the Ontario Superior Court of Justice, approval from the Mexican Federal Economic Competition Commission (COFECE) and satisfaction or waiver of certain other closing conditions.

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