On June 1, 2020, Monarch Gold Corporation announced that it has entered into an agreement for the sale of the Fayolle Property to IAMGOLD Corporation for a total of $11.5 Million. IAMGOLD will pay Monarch this amount through the issuance of common shares of IAMGOLD for a total value of $9.7 million, a $0.3 million cash payment upon transfer of ownership of a parcel of land to IAMGOLD and a $1.5 million cash payment 90 days after the initial transport of ore from the Fayolle deposit.
This transaction allows IAMGOLD to invest in a project that has gold potential while Monarch focuses on other priority projects.
A Fasken team including Frank Mariage, Youssef Fichtali, Jean-Philippe Côté, Alexandre Morin, Carole Gélinas, Nathalie Lauzier, Jacque Eddé and Antoine Aylwin acted for IAMGOLD in connection with this acquisition.Jurisdiction
- Québec
