Shares issued at $8.75Iamgold to issue 34.3 million shares to raise C$300 million
18 minutes ago
TORONTO — Iamgold Corp. (TSX:IMG) says it plans to issue 34.3 million shares of the company in a $300 million equity offering to raise money for its Essakane project in western Africa.
The Toronto miner said Tuesday it will issue the shares at $8.75 each through an underwriting group led by Canaccord Capital Corp. (TSX:CCI) and TD Securities Inc. (TSX:TD).
Iamgold has more than 325 million shares outstanding so the share offering will be dilutive by more than ten per cent.
The Kssakane project was acquired with the purchase of Orezone Resources Inc.
The financing is scheduled to close March 26.
In trading on the TSX, Iamgold shares fell 85 cents to $7.58, a drop of more than nine per cent.