IAMGold to acquire Merrex Gold
IAMGOLD has signed a definitive agreement with Merrex Gold to acquire, in an all-share transaction, all of the issued and outstanding shares of Merrex not already owned by IAMGOLD. Merrex is a junior mineral exploration company of which IAMGOLD currently owns approximately 45.8 million or 23% of Merrex's issued and outstanding 199.2 million common shares. IAMGOLD expects to issue 6.9 million shares, amounting to less than 1.5% of its issued and outstanding shares, in connection with the transaction. The Transaction is expected to close in 1Q17. Merrex's primary assets are its gold properties in West Mali, principally its 50% interest in the Siribaya Gold Project, its 100% held Karita exploration authorization in Guinea and its 100% held zinc-lead property in Nova Scotia. The companies expect to close the transaction following required securityholder, court and regulatory approvals and satisfaction of certain other customary closing conditions.