Iamgold to buy Northern Superior Resources in C$267M deal

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Iamgold (NYSE:IAG [https://seekingalpha.com/symbol/IAG]) said Monday it agreed to acquire [https://seekingalpha.com/pr/20271359-iamgold-agrees-to-acquire-northern-superior-consolidating-a-premier-mining-jurisdiction] Northern Superior Resources (OTCQB:NSUPF [https://seekingalpha.com/symbol/NSUPF]) in a cash and stock deal valued at ~C$267.4 million, which will consolidate Northern Superior's significant land package including Philibert, Chevrier and Croteau with Iamgold's Nelligan and Monster Lake projects.

The addition of Northern Superior's (OTCQB:NSUPF [https://seekingalpha.com/symbol/NSUPF]) assets to Iamgold's (NYSE:IAG [https://seekingalpha.com/symbol/IAG]) Nelligan mining complex will rank as one of the largest pre-production gold camps in Canada, with measured and indicated mineral resources of 3.75 million oz of gold and inferred mineral resources of 8.65 million oz of gold, the company said.

Under the deal terms, Northern Superior's (OTCQB:NSUPF [https://seekingalpha.com/symbol/NSUPF]) shareholders will receive 0.0991 of an Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) common share and C$0.19 in cash for Northern Superior common shares, implying a total transaction value of ~C$267.4 million.

Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) said the deal more than doubles its landholding in the district with the addition of 70,636 hectares of claims, consolidating a significant land position comprising over 109,000 hectares in Quebec's Chibougamau district.

"This acquisition aligns with our strategy to become a leading Canadian-focused mid-tier gold producer, bolstering our organic pipeline in Quebec," Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) President and CEO Renaud Adams said.

Separately, Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) also announced the acquisition [https://seekingalpha.com/news/4505534-iamgold-to-buy-mines-dor-orbec-in-c-17_2m-deal] of Mines D'Or Orbec in a cash and stock deal valued at C$17.2 million.

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