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Friday, 20th February 2009 (1526 views)

Orezone Resources shareholders have approved a plan of arrangement transaction with IamGold.

Under the terms of the deal, which has also been agreed with IamGold shareholders, those holding stock in Orezone will receive 0.08 common shares in IamGold, plus 0.125 of a share in Orezone Gold, a new exploration firm, for each share held.

The listing of Orezone Gold on the Toronto Stock Exchange has been conditionally approved, to commence trading on the day after Orezone Resources closes.

Both companies are based in Ontario, Canada and the new deal is expected to close on February 25th 2009, providing IamGold with access to Orezone's Essakane gold project in Burkina Faso.

Joseph Conway, IamGold president and chief executive, commented: "We are very pleased to see the approval of this transaction which provides IamGold with a second major flagship gold property."

Mid-tier gold mining company IamGold produces an nearly one million ounces of gold from seven mines around the world and is focused on growing its operations, with a gold production target for 2012 of 1.8 million.

 

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