Deals this week: IAMGOLD, Victoria Gold, Savary Gold


IAMGOLD has agreed to sell 38.85 million shares priced at C$6.78 ($5.15) each, to a group of underwriters led by TD Securities, National Bank Financial, and Morgan Stanley Canada.

The offering is expected to close on or around 16 August 2016.

IAMGOLD will raise C$263.50m ($200m) from the offering, which is intended to fund its concurrently announced tender offer for its outstanding 6.75% senior notes, to fund internal growth projects, expansion of the Sadiola mine, future debt reduction, general corporate purposes, and to fund future growth.

"The net proceeds from the offering are intended to be used primarily for the development of the Eagle Gold Project in the Yukon Territory."

Underwriters to the offering have also been granted an option to purchase up to an additional 5,827,500 common shares to cover over-allotments, if any. The gross proceeds from the offering will increase to $230m, if this option is exercised in full.

Victoria Gold has entered an agreement to sell 38.5 million of its common shares, priced at C$0.65 ($0.49) each, to a group of underwriters led by Raymond James to raise C$25.02m ($18.99m).

The offering is expected to close on 31 August 2016, and the underwriters have been granted an option to increase the size of the offering by 15%, within 30 days following the closure date of offering.

The net proceeds from the offering are intended to be used primarily for the development of the Eagle Gold Project in the Yukon Territory, Canada, as well as for working capital and general corporate purposes.

Savary Gold has announced a non-brokered private placement of units priced at C$0.11 ($0.08) each, to raise C$2.5m ($1.89m).

The offering is expected to close on or before 19 August 2016, and the proceeds from the offering are intended to fund an exploration programme on the Karankasso project, Hounde belt, Burkina Faso along with its partner Sarama Resources, and for general corporate purposes.