Loading ...Canada’s Monarch Gold (TSX: MQR) is selling its Fayolle property in western Quebec to fellow miner IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) in a cash and share deal valued at $11.5 million.
The Montreal-based company said the transaction will see IAMGOLD issuing $9.7 million in common shares to Monarch and a $0.3 million cash payment once ownership of the asset has been transferred.
IAMGOLD will also give Monarch $1.5 million in cash 90 days after the initial transport of ore from the Fayolle deposit.