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IAMGOLD agrees to sell its Quimsacocha project to INV in up to US$30 million share exchange

Fasken
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IAMGOLD Corporation

IAMGOLD Corporation entered into an agreement with INV Metals Inc. to sell to INV the shares of IAMGOLD Ecuador S.A., which owns the Quimsacocha Project in Ecuador, in exchange for 150,000,000 common shares (between 40% and 45%) of INV, valued at approximately $16.5 million. The total value of the deal will rise to approximately $30 million, subject to an equity offering by INV to raise $20 million. IAMGOLD will also receive milestone payments of $5 million worth of INV shares once an exploitation contract with the Ecuadorian government is signed and another $2.5 million worth of shares once the Quimsacocha Project reaches commercial production. IAMGOLD was advised by a team that included Krisztián Tóth and Jeff Gebert.

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