TORONTO - IAMGOLD Corporation (NYSE: NYSE:IAG) (TSX: IMG) has announced the successful completion of its acquisition of Vanstar Mining Resources Inc., consolidating its ownership of the Nelligan Gold Project in Quebec. The transaction, which was completed through a court-approved plan of arrangement, sees former Vanstar shareholders receiving 0.20 IAMGOLD shares for each Vanstar share, resulting in the issuance of approximately 11.99 million new IAMGOLD shares.
With this acquisition, IAMGOLD now holds a 100% interest in the Nelligan Gold Project, situated 60 kilometers southwest of Chibougamau, Quebec, as well as a 1% Net Smelter Return (NSR) royalty on selected claims of the project, and other early-stage exploration properties in Northern Quebec.
The trading of Vanstar shares on the TSX Venture Exchange has been halted and is expected to be delisted by February 15, 2024. Delisting from the OTCQX and the Frankfurt Stock Exchange is also anticipated. Vanstar is planning to cease being a reporting issuer in Canada following these procedures.
IAMGOLD, an intermediate gold producer with operations in North America and West Africa, is also progressing with the Côté Gold project in Canada, a large-scale venture expected to commence production in early 2024. The company, which employs approximately 3,600 people, emphasizes its commitment to responsible mining practices and its Zero Harm® initiative, focusing on environmental, social, and governance standards.
Legal advisement for the arrangement was provided by Fasken Martineau Dumoulin LLP in Canada and Paul Weiss Rifkind Wharton & Garrison LLP in the United States.
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