Iamgold closes Northern Superior acquisition

The transaction was completed by way of a court-approved plan of arrangement, under which Iamgold acquired all issued and outstanding common shares of Northern Superior, making the company a wholly owned subsidiary.

President and CEO Renaud Adams said the acquisition significantly strengthened the company’s growth pipeline and regional scale in Quebec.

“With the completion of the acquisition of Northern Superior and its assets, Iamgold's Nelligan Mining Complex in the Chibougamau-Chapais region of Quebec is now among the largest pre-production gold projects in Canada,” Adams said.

He added that the company intended to accelerate exploration across the enlarged land package, targeting further growth at the Nelligan, Philibert and Monster Lake deposits.

“We look forward to accelerating our exploration programme in the region with a goal of further expansion and extension of the mineralisation at Nelligan, Philibert and Monster Lake, as we look to continue to grow the mineralisation and advance a project that complements both the scale and timing of our Côté gold mine and its forthcoming expansion,” Adams said.

Under the terms of the transaction, Northern Superior shareholders received 0.0991 of an Iamgold common share and C$0.19 in cash for each Northern Superior share held. Shareholders also received shares in ONGold Resources, which were distributed concurrently as part of the arrangement.

Following completion, Northern Superior shares will be delisted from the TSX-V, and applications will be made for the company to cease being a reporting issuer in several Canadian jurisdictions.