IAMGOLD completes US$300 million financing to regain 70% ownership of Côté

IAMGOLD Corporation has announced the closing of its "bought deal" equity financing of 72,000,000 common shares of the company. At a price of US$4.17 per common share, the company raised aggregate gross proceeds of US$300.24 million pursuant to the Offering. The Offering, announced on May 21, 2024, was conducted by a syndicate of underwriters led by National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets.

IAMGOLD intends to use the net proceeds of the Offering towards the repurchase of the 9.7% interest ("Transferred Interest") in the Côté Gold Mine from Sumitomo Metal Mining Co. Ltd. ("Sumitomo"), in order to return to its full 70% interest in the Côté Gold Mine. The net proceeds of the Offering are to be deposited in an interest-bearing account or used to repay drawn amounts under its credit facility, in accordance with good cash management practices, until the completion of the aforementioned repurchase which is expected to be completed prior to the end of the calendar year.

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