IAMGOLD Prices Equity Financing, Now $300 Million Gross

IAMGOLD Corporation has announced the pricing of its offering today, rather than later on as my earlier summary expected. The shares will go for $8.75 each, and the offering will be for 34,300,000 common shares. The news release announcing it contains further details, including the full syndicate list.

Currently, IAMGOLD's shares are still halted, and will remain so until 10:15 AM ET. The current posted bid and ask prices are both the same as the secondary-offering price: $8.75.

IAMGOLD Corp.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Mexican Silver Mines Ltd. Moves Into Gold Through Takeover

Mexican Silver Mines Inc. has announced that it will be taking over Rio Alto Mines, Inc. Rio Alto is a privately-owned exploration company with a stake in the La Arena gold-copper project in Peru, which it was in the process of acquiring from IAMGOLD Inc. To secure 38.7% of the project, Rio Alto (and now Mexican Silver) is required to invest $30 million to develop a gold mine on La Arena. Acquiring a further 61.3% requires a cash payment of US$48.55 million to IAMGOLD, including the already-made initial payment of $1 million, within two years unless special exemptions are made. The news release contains further details, and notes that the terms of Mexican Silver warrants and stock options are unchanged as a result of this takeover.

As of the time of this post, Mexican silver shares are halted. Yesterday's close was 16 cents.

Mexican Silver Mines Inc.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

IAMGOLD Equity Financing, To The Tune of $275 Million

IAMGOLD Corporation has announced a secondary offering done by prospectus. The preliminary red-herring prospectus has been filed, and the secondary will be done through Canaccord and TD Securities. A 15% Over-Allotment has been granted; if exercised by TD and/or Canaccord, the gross proceeds will jack up to $316,250,000. The funds are planned to be used to pay down the debt associated with the developing of the Essakane project, and any overage will be plowed into that project. The pricing of the shares will be determined a little before the day they're offered. The offering is expected to close on March 26th.

This item hit the wires after the market closed. Nevertheless, IAMGOLD shares were halted for its release. Before the halt, the shares closed at $9.43 for a drop of 47 cents.

IAMGOLD Corporation's Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.