Iamgold to buy Mines D'Or Orbec in C$17.2M deal

[mound of gold]
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Iamgold (NYSE:IAG [https://seekingalpha.com/symbol/IAG]) said Monday it agreed to acquire [https://seekingalpha.com/pr/20271310-iamgold-signs-agreement-to-acquire-mines-dor-orbec-inc] Mines D'Or Orbec (OTCPK:BLTMF [https://seekingalpha.com/symbol/BLTMF]) in a cash and stock deal valued at C$17.2 million, which will bring in the highly prospective Muus project adjacent to the company's Nelligan and Monster Lake projects in Quebec's Chibougamau region.

Under the deal terms, Orbec (OTCPK:BLTMF [https://seekingalpha.com/symbol/BLTMF]) shareholders will receive total consideration representing a value of C$0.125/share in a cash and stock deal comprised of C$0.0625 per Orbec share and 0.003466 of an Iamgold (NYSE:IAG [https://seekingalpha.com/symbol/IAG]) share for each Orbec share, implying a total equity value of C$17.2 million.

Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) already owns 7.14 million Orbec (OTCPK:BLTMF [https://seekingalpha.com/symbol/BLTMF]) shares, representing ~6.7% of the total shares outstanding.

"The addition of the Muus project provides a highly prospective land package to our rapidly expanding Nelligan mining complex project," Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) President and CEO Renaud Adams said, adding that the Chibougamau region is "quickly advancing to become one of the most exciting gold mining districts in Canada."

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