The Globe and Mail reports in its Tuesday, Oct. 21, edition that Iamgold announced a pair of deals to help consolidate its holdings near its Nelligan and Monster Lake projects in the Chibougamau region of Quebec.
A Canadian Press dispatch to The Globe reports that the company says it has signed an agreement to acquire Northern Superior Resources in a stock-and-cash deal valued at about $375-million.
Under the deal, Northern Superior's shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share of Northern Superior. The offer implies a total value of $2.05 per Northern Superior share, based on the closing price of the Iamgold shares on the Toronto Stock Exchange on Oct. 17.
The transaction will also include a concurrent distribution to Northern Superior's shareholders of all the shares in ONGold Resources currently held by Northern Superior.
Under a second deal, Iamgold will acquire Mines D'Or Orbec in a stock-and-cash deal valued at $17.2-million, net of the 6.7-per-cent interest it already holds in the company.
Orbec shareholders will receive 6.25 cents and 0.003466 of an Iamgold share for each Orbec share they hold for a value of 12.5 cents a share.
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