Toronto, Ontario–(Newsfile Corp. – May 24, 2024) – IAMGOLD Co., Ltd. (TSX: IMG) (NYSE: IAG) (“IAMGOLD” or the “Company”) is pleased to announce the completion of an equity financing through an “acquisition transaction” of 72,000,000 common shares of the Company (the “Offering”). The Company raised aggregate proceeds of US$302.4 million through the Offering at a price of US$4.17 per common share. The Offering, announced on May 21, 2024, was conducted by an underwriting syndicate led by National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets.
IAMGOLD intends to use the net proceeds from this Offering to repurchase its 9.7% interest in the Kote Gold Mine (the “Transferred Interest”) from Sumitomo Metal Mining Co., Ltd. (“Sumitomo”) in order to fully restore its 70% interest in the Kote Gold Mine. The net proceeds from this Offering will be deposited in an interest-bearing account or used to repay amounts drawn under the credit facility, in accordance with appropriate cash management practices, until the completion of the aforementioned repurchase, which is expected to be completed by the end of the calendar year.
Filing of U.S. registration statement
Registration statements relating to these securities have been filed with the U.S. Securities and Exchange Commission (SEC). Documents filed with the SEC may be obtained free of charge through the SEC's Electronic Data Gathering, Analysis and Retrieval System at www.sec.gov or from National Bank of Canada Financial Inc., 65 E. 55th St., 8th Floor, New York, New York 10022, telephone: (416) 869-8414, or email: NBF-Syndication@bnc.ca; BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, New York 10036, telephone: (800) 414-3627, or email: bmoprospectus@bmo.com. It is also available from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attn: Equity Syndicate, telephone: 877-822-4089, or email: equityprospectus@rbccm.com .
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Caution Regarding Forward-Looking Information
This news release contains forward-looking statements. All statements, other than historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, but not limited to, statements regarding the use of proceeds from the Offering) are forward-looking statements. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “should,” “would,” “could,” “continue,” “expect,” “budget,” “target,” “could,” “focus,” “forecast,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “schedule,” “guidance,” “outlook,” “potential,” “seek,” “goal,” “covering,” “strategy,” “during,” “ongoing,” “conditional,” “future,” “objective,” “opportunity,” “committed,” “promising,” “project” or the negative of these words or other variations of these words or comparable terminology. The Company cautions readers that undue reliance should not be placed on forward-looking statements, which, while management believes to be reasonable, are by their nature subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which may cause the Company's actual results, performance or achievements to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on a number of important factors and assumptions, including, but not limited to, the Company's current and future business strategies, the performance of its operations within expected ranges, expected future production and cash flows, the Company's ability to repurchase or repurchase the divested interests on expected terms, the local and global economic conditions and environment in which the Company will operate in the future, prices for precious metals, other minerals and key commodities, expected mineral grades, international exchange rates, expected capital and operating costs, and the availability and timing of governmental and other approvals required for the construction of the Company's projects.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our ability to control or predict, that could cause our actual results to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, failure to achieve expected, estimated or planned gold production, unanticipated increases in all-in sustaining or other expenses, unanticipated increases in capital expenditures and exploration expenses, variations from expectations in mineral content within materials identified as Mineral Resources and Mineral Reserves, changes in development or mining plans due to changes in logistics, technology or other factors, the possibility that future exploration results will not match our expectations, changes in our relationship with Sumitomo Corporation, financial market volatility, currency exchange risks, changes in the global gold market, cybersecurity risks, and other risks disclosed in IAMGOLD's most recent Form 40-F and Annual Information Form and in IAMGOLD's management's discussion and analysis of financial condition and results of operations for the quarter ended March 31, 2024 filed with the SEC and Canadian securities regulatory authorities. Forward-looking statements speak only as of the date they are made, and the Company disclaims any intention or obligation to update any forward-looking statements, except as required by applicable securities laws.
About IAMGOLD
IAMGOLD is a Canadian-based mid-sized gold production and development company with mines operating in North America and West Africa. In partnership with Sumitomo Metal Mining Co., Ltd., the company has commenced production at the large, long-term Côté Gold Mine, which is expected to be one of the largest gold mines in Canada. In addition, the company has an established portfolio of early-stage and advanced exploration projects in high-potential mining districts. IAMGOLD employs approximately 3,600 people and is committed to maintaining a responsible mining culture through high standards of environmental, social and governance practices, including a commitment to Zero Harm® in all aspects of its operations. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG) and is a constituent company of the Jantzi Social Index, a socially screened, market-capitalization-weighted index comprised of companies that pass a wide range of environmental, social and governance assessment criteria.
IAMGOLD Contact Information
Graham Jennings, Vice President, Investor Relations
Phone: 416 360 4743 | Mobile: 416 388 6883
Toll free: 1 888 464 9999
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