05:03 PM EDT, 04/06/2016 (MT Newswires) -- Sandstorm Gold Ltd. (SAND), a resource-based mining company, said late Wednesday that it has sold its previously announced holdings in the common shares of AuRico Metals Inc. for net proceeds of over $10 million.

The proceeds will be used to reduce the balance on the company's revolving credit facility to $66 million. The shares were disposed at a price of $0.69, representing a 21% return since Sandstorm's initial purchase of AuRico common shares in July 2015.

The company said that the asset sale represents a continuation of its strategy to monetize non-core assets in order to reduce the company's outstanding debt.

Shares are down 0.3% at $3.31 in the after hours session, with a 52-week range of $1.94 - $3.78.

Price: 3.31, Change: -0.01, Percent Change: -0.30