Equinox Gold (EQX) said Monday it has sold 8.7 million shares of Versamet Royalties, generating gross proceeds of 130 million Canadian dollars ($91.5 million).

The company said its ownership in Versamet fell to 2.9 million shares or about 2.7% of the outstanding shares, from 10.7% previously.

The company said the transaction will terminate Versamet's right of first offer on its royalties and streams, while the investor rights agreement between the companies will terminate once Equinox Gold's ownership remains below 10% for at least 30 consecutive days.