Loading ...Trelawney vaults 41% as IAMGOLD gets more Canada-focused
IAMGOLD will pay about C$585 million in cash to acquire Canadian junior Trelawney Mining, the mid-tier gold producer announced on Friday.
Trelawney (TSX-V:TRR), whose main asset is the Cote Lake deposit in northern Ontario, shot up 41% on the news and was logging heavy volumes on the Toronto venture exchange. IAMGOLD paid $3.30 per share for Trelawney, which represented a 36.6% premium on the share price as of April 26.
The acquisition is expected to add to IAMGOLD’s stable of gold resources in a politically safe jurisdiction; last year the company sold its stake in the Tarkwa and Damang Mines in Ghana to Goldfields for $667 million.
more http://www.mining.com/trelawney-vaults-41-as-iamgold-gets-more-canada-focused/