IAMGOLD To Acquire 100% Of Merrex Gold - Quick Facts

(RTTNews) - IAMGOLD Corp. (IAG, IMG.TO) said it has agreed to acquire Merrex Gold Inc. (MXI.V) in an all-share transaction. Financial terms of the deal were not disclosed.

Merrex Gold is a junior mineral exploration company of which IAMGOLD currently owns about 45.8 million, or 23 percent, of Merrex's issued and outstanding 199.2 million common shares.

IAMGOLD said it will acquire all of the issued and outstanding shares of Merrex not already owned by it. The company expects to issue 6.9 million shares, amounting to less than 1.5 percent of its issued and outstanding shares, in connection with the transaction.

The transaction will proceed by way of a court-approved plan of arrangement and is expected to close in the first quarter of 2017.