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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