Iamgold Corp Agreed to Acquire Vanstar Mining Resources In a Transaction Worth $31.1M

Author: Benzinga Newsdesk | December 05, 2023 08:08am

IAMGOLD Corporation (NYSE:IAG, TSX:IMG) ("IAMGOLD" or the "Company") is pleased to announce that the Company has signed a definitive arrangement agreement (the "Arrangement Agreement") with Vanstar Mining Resources Inc. ("Vanstar") pursuant to which IAMGOLD has agreed to acquire all of the issued and outstanding common shares of Vanstar (each, a "Vanstar Share") by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the "Transaction").

Pursuant to the Arrangement Agreement, Vanstar's shareholders will receive 0.2008 of an IAMGOLD common share ("IAMGOLD Shares") for each Vanstar Share. Based on the 5-day volume weighted average price of IAMGOLD Shares on the TSX as of December 1, 2023, the consideration to Vanstar's shareholders and optionholders implies a total transaction value of approximately $31.1 million (based on the Bank of Canada daily exchange rate as of December 1).

Posted In: IAG TSX:IMG